Supporting Private Sector

 फोरम आफ बैंक पेंशनर एक्टिविस्टस्

    Forum of Bank Pensioner Activists

                        PRAYAGRAJ

      न त्वहं कामये राज्यं  न स्वर्गं नापुनर्भवम्।

      कामये दुःखतप्तानां प्रणिनामार्तिनाशनम्॥

                हिमालयं समारभ्य, यायव हिन्दुसरोवरं।

              आतं देवनिर्मितं देशं, हिन्दुस्तानं प्रचक्षेत।।

Sri Narendra Modi,

Hon'ble Prime Minister,

GOI, New Delhi

Sister Nirmala Sitharaman,

Hon'ble Finance Minister,

GOI, New Delhi

All Hon'ble Cabinet Ministers,

GOI, New Delhi

Respected Sirs/ Sisters,

      SUPPORTING PRIVATE SECTOR

Further, to our mail dated 16th February, 2021 on Privatization of Public Sector Banks, we find no problem in govt supporting private sector as they are equally most important in development of economy and nation. It's not the case that earlier private sector was not  supported. In  public discourses, Congress governments were taking socialistic postures, but from behind their love to private corporate houses was flowing in abundance of course at the cost of masse & on extraneous considerations. The Congress was always deceptive and befooling Indian masses throughout their rule, by taking numerous types of appeasing decisions.

We thank your government for making it's views clear to people and nation. Naturally, a new public discourse is bound to surface, because it instils a fear that the government is going to oblige private sector by selling to them the public 'assets' owned by government. Public psyche is against this hypothesis. Problem is around this issue.

Proposed privatization of 2 Public Sector Banks gives a resounding message, supporting this hypothesis. Why should these 2 PSBs be privatized is a star question. Today two, but in days to come why not  many more PSBs, is the apprehension hunting the  public mind.

Further, these Banks have rendered yeomen services to people and nation like other PSBs. Government has consolidated many PSBs. Bank men were apprehensive of maltreatment in amalgamated entities, so they opposed it, but accepted it as a fait accompli. 

Government has regulatory sanctions to disinvest and bring down it's equity to 51% in these PSBs. If government has intentions to mobilize funds by selling PSBs for it's developmental needs, instead selling PSBs, why not should government go along disinvestment route to mobilize funds?

Banking sector is open to private Banks. Many Payment Banks have had come in. If, Government feels more network of banks, though it is no more needed, such successful Banks may be converted in full pledged Banks. Now, in India banking penitration is wider and deeper. No more outlets are necessary looking to multiple channels of payments.

Government should not undermine the role and contributions of PSBs in economic development of nation, irrespective sector. Government should think about the economic condition of country today, had these banks were not nationalized in 1969/80. Look to splendid performances, these PSBs had made in demonetization, PMJDY, Life/health Insurance and host of other challenging assignment this government give to them. These tasks were equally assigned to Private Sector Banks and their performances in these tasks are required to be looked into to ascertain their role in national context.

We, therefore, request you to please give second thought to privatization of any PSBs. You can sell 10 Air India, hardly that matters to people and nation, but selling a PS Bank sensationalizes millions of customers in particular and public in general. It's unacceptable to people & nation, therefore please desist from it.

With Respectful Regards,

(J. N. Shukla)

National Convener

23.2.2021

9559748834