Legislation to Privatise Two Public Sector Banks?
Channel: NewsClickin
Date: 2021-11-27

This Winter Session, the government is going on a disinvestment spree at the cost of people. Finance Minister Nirmala Sitharaman said in the 2021-'22 Union Budget that two public sector banks will be privatised by amending the Companies Act and Banking Regulation Act. 

Newsclick's Pragya Singh speaks with Thomas Franco of People First about the disastrous consequences of privatisation. The former general secretary, AIBOC, says disinvestment could increase the already wide credit gap in the country. Public banks are an article of faith, as corporate banks will deprive people, MSMEs, students and rural India of access to credit. Ever since demonetisation, the banking sector has taken a hit, both financially and in the eyes of the people. The solution is for unions and the public to agitate and resist the corporatisation of banks.

#Finance #privatisation #Banks

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