Operations at public sector banks here came to a complete standstill on Monday after employees and officials started a two-day strike to protest against the privatization of public sector banks announced in the Union Budget 2021.
Members of the United Forum of Bank Unions (UFBU), who took part in the strike, said that in the last five decades, deposits in nationalized banks have increased to about ₹ 146 lakh crore. If banks were privatized, the country’s development programs would not have benefited from people’s savings.
Public sector banks have been instrumental in opening Jan Dhan accounts, serving the economically disadvantaged, farmers, small and medium enterprises and students.
The government’s argument that private banks operated efficiently was wrong. Although public sector banks made operational gains, drastic action was not taken against willful defaulters. As a result, the profits earned by banks were set aside to make provisions for bad debts and write off non-performing assets.
UFBU coordinator c. Sridhar said that a two-day strike would affect financial transactions of around ₹ 400 crore in Madurai.
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