PNBOA organizes seminar on “Why to Oppose Banks’ Privatisation”

Excelsior Correspondent

JAMMU, July 20: On the occasion of Bank Nationalization Day, the Punjab National Bank Officers’ Association (PNBOA) in collaboration with the Punjab National Bank Staff Union (PNBSU) organized a seminar titled “Why to Oppose Banks’ Privatisation” here today.
The event saw strong participation from union members, leaders and concerned citizens, all united under the slogan, “Public Sector is People’s Sector – Oppose Bank Privatization.”
The event also emphasized the critical role PSBs play in fostering inclusive economic growth and supporting national development initiatives.
Speakers stressed that PSBs today operate over 70,000 branches, reaching the remotest corners of the country and serving as the backbone of the Indian economy.
They are instrumental in implementing Government welfare schemes like Jan Dhan Yojana, MUDRA loans, DBT, KCC, PMAY and MSME financing. Their role during the COVID-19 pandemic was especially lauded, as PSBs remained accessible to citizens even during the peak of the crisis.
The All India Bank Employees Association (AIBEA) and All India Bank Officers’ Association (AIBOA) expressed grave concerns over the Central Government’s push for privatization, foreign disinvestment, and increased private equity in PSBs.
The associations denounced these moves as a “loot of public wealth”, citing the write-off of over Rs 16.35 lakh crore in bad loans and massive losses under the Insolvency and Bankruptcy Code (IBC) framework.
They warned that public savings are being funneled into private profits, undermining national financial sovereignty.
Their key demands were, an immediate halt to all privatization plans of PSBs, strengthening PSBs to meet developmental objectives, full recovery from wilful defaulters, enhanced rural and priority sector lending and a complete ban on foreign ownership of public banks.
The keynote address was delivered by Riyaz Ahmed Bhat, joint secretary AIBOA and president, AIBOA, Jammu Kashmir Ladakh Committee.
Among others who addressed during the seminar included, Ashwani Pradhan, Tara Singh, Rakesh Sharma, A B Khajuria, Parshotam Kumar, Yogesh Kumar and Sachin Hans.
The program concluded with a vote of thanks by Samandeep Singh.

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