SUCI(C) Vehemently Oppose Bank Privatization Bill


SUCI(C) vehemently oppose Bank privatization bill, calls for launching a powerful resistance movement
Shri Provash Ghosh, General Secretary, SUCI(C), has issued the following statement on 25 November 2021:
We vehemently oppose the brazenly anti-people move on the part of the BJP-led central government to introduce the Banking Laws (Amendment) Bill 2021with a view to handing over the nationalized banks once set up with people’s money to the monopoly-owned corporates. This reckless privatization spree is destined to endanger the safety and security of hard-earned savings of the common depositors and allow the private owners to gleefully as well as increasingly plunder people’s savings in the name of securing finance for their own industries, enterprises and institutions. Already the amount of defaulted loans (Non-performing Assets–NPAs) with the banks have been soaring sky high as most of such loans to industrial tycoons are either condoned, or waived or written off. Now NPAs would further multiply because of easiness on the part of the corporate sharks to shift money from their own banks to their personal wallets under the garb of lending. The very logic of saving the public sector banks through privatization is bunkum as private banks like Global Trust Bank, Lakshmi Vilas Bank and Yes Bank have failed over the last years and there are serious allegations frauds against ICICI and other private banks.
We call upon the entire working class the bank employees included to draw inspiration from the ongoing peasants’ movement and build up a united powerful resistance against such a draconian move.

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