Tirupur: The General Secretary of the All India Nationalised Bank Officers Association, Manimaran announced that a protest will be held if the Central Government does not withdraw its plans to privatize public sector banks in Tirupur.
Tirupur: The General Secretary of the All India Nationalised Bank Officers Association, Manimaran announced that a protest will be held if the Central Government does not withdraw its plans to privatize public sector banks in Tirupur.
Finance Minister Nirmala Sitharaman had announced that a sum of Rs.1.75 lakh crore would be raised in the Union Budget for the current year by selling a certain percentage of the central share in public sector undertakings in the financial year 2021-22. In the first phase, the Nidhi Ayog Organization which formulates the policies of the Central Government was given the job of privatizing two banks and choosing an insurance company.
In the list produced by them, Bank of India, UCO Bank and Bank of Maharashtra, Central Bank and IOB have been shortlisted. However, the Central bank and IOB were chosen for the process of privatizing which has caused opposition to arise from several sides.
All India Nationalised Bank Officers Association has also put forth its opposition. The Association’s General Secretary Manimaran stated that those who hold an account in a public sector bank can withdraw cash from any bank in India without any fee, while in all other banks, a fee is charged. In particular, the service rendered by nationalized banks to rural people is immense.
“Indian Overseas Bank serves the public and is also gaining profit, and planning to sell IOB would be a wrong move. Privatizing IOB in Tamil Nadu which has been serving people for the past 85 years is unacceptable since that would amount to collapsing the goodwill of the bank’s services to people over the years. Hence, the Union Government should withdraw these plans on privatizing these banks,” reiterated the Secretary.
Finance Minister Nirmala Sitharaman had announced that a sum of Rs.1.75 lakh crore would be raised in the Union Budget for the current year by selling a certain percentage of the central share in public sector undertakings in the financial year 2021-22. In the first phase, the Nidhi Ayog Organization which formulates the policies of the Central Government was given the job of privatizing two banks and choosing an insurance company.
In the list produced by them, Bank of India, UCO Bank and Bank of Maharashtra, Central Bank and IOB have been shortlisted. However, the Central bank and IOB were chosen for the process of privatizing which has caused opposition to arise from several sides.
All India Nationalised Bank Officers Association has also put forth its opposition. The Association’s General Secretary Manimaran stated that those who hold an account in a public sector bank can withdraw cash from any bank in India without any fee, while in all other banks, a fee is charged. In particular, the service rendered by nationalized banks to rural people is immense.
“Indian Overseas Bank serves the public and is also gaining profit, and planning to sell IOB would be a wrong move. Privatizing IOB in Tamil Nadu which has been serving people for the past 85 years is unacceptable since that would amount to collapsing the goodwill of the bank’s services to people over the years. Hence, the Union Government should withdraw these plans on privatizing these banks,” reiterated the Secretary.