Bank Bachao Desh Bachao, Another Countrywide Protest Against Modi’s Sarkar

Bank Bachao Desh Bachao is the protest by the Bank employees across the country goes for a two days strike on 16th and 17th December. Over Nine lakh employees are participating in this two day strike against the decision of the center government to privatise the two PSBs [Public Sector Bank]. The bank employees are against this decision of the center government as it could risk their jobs. The United Forum of Bank Unions decided on 30th November, to protest across the country on 16 and 17th of December. Body of the United Forum consists of Nine Unions including the All India Bank Officer’s Confederation, All India Bank Employees Association and National Organisation Of Bank Workers. Due to the protest banking services suffered at a large scale.

Bank Bachao Desh Bachao led by the UFBU

The UFBU [Union Forum of Bank Unions] kicked off two day strike on Thursday . The protest addressed by PR Mehta [President of Punjab Bank Employees’ Federation] , DP Mathur [Joint Trade Union Council, General Secretary] , Naresh Gaur [UFBU Converor] and others. Mehta Quoted ” Public Sector Banks act as a catalyst in economic development of the nation in general and particularly for underprivileged sections of the society and backward regions. Nationalised banks have played a major role in the development of agriculture, small trade, small business,SSI, transport anh in the upliftment of the society. In 2008 when the world economy plunged into deep financial crisis and meltdown it was PSBs which helped the Indian economy survive”.

Bank Bachao Desh Bachao Rally by UFBU

Mehta also quoted ” There is an argument that PSBs are not doing well and hence to ensure better efficiency , these banks have to be privatised. We all know that many private banks have failed and closed down in the past due to mismanagement. On the other hand, all the PSBs are doing well and earning substantial profit. Gross operating profit of public sector bank in last years is Rs 14,78,289 crores”. Gaur said that the protest is against the Union’s Government Plan of Tabling the Banking Laws Amendment Bill 2021in the Parliament session.

Bank Privatization By the Center:

In Feburary the Finance Minister Nirmala Sitharaman announces the decision Of privatization of PSBs and one General Insurance Firm [LIC] during her budget speech. Initially the Central Bank of India [CBI], Indian Overseas Bank [IOB], Bank Of India [BOI]and Bank Of Maharashtra [BOM] were shortlisted by Niti Aayog. Later CBI and IOB found favour for privatization. These banks were nationalised in 1969. Many private banks have performed better than these banks led to the privatization thus curbing government’s obligation to give capital assistance. According to the government aim to privatise is provide bigger banks.

Finance minister Nirmala Sitharaman presented PSBs privatization amendment