Communist Party of India General Secretary D. RAJA has written a letter to Finance Minister Mrs. Nirmala Sitharaman today expressing strong opposition to any move to privatize nationalised banks.
Respected Madam Nirmala Sitharaman,
We are aware that in this year’s budget speech you had mentioned that the government has proposed to privatise two nationalised banks. Since privatisation of any Bank is not in the interest of our economy and people, we have expressed our strong opposition to the same, both inside the Parliament and outside. Our opposition to such privatisation of Banks is on account of the fact that our Banks today represent huge public savings of the common masses and these precious savings are safe only if the banks are in Government control. Large scale failure of many private Banks in those days was one of the reasons that necessitated nationalisation of banks. Further when many private corporate companies are the major loan defaulters in Banks, it would be imprudent to hand over the Banks to private hands, whose efficiency is also not guaranteed going by the recent experiences of some of the private Banks.
Nationalised Banks have been greatly helping and supplementing the Government’s efforts to boost the economy and hence need to be further strengthened with adequate measures from the Government.
In this background, we observe that in the recent few weeks repeatedly, a section of the press is making the news that Niti Aayog has recommended the name of Central Bank of India and Indian Overseas Bank for privatisation. Even though these are news items not authenticated by any official agency of the Government, nonetheless, the same is creating a lot of anxiety and anguish amongst the employees and officers of these two Banks. I learn that even some deposits are being withdrawn by customers. Hence it will be desirable for the Government make statement clarifying the position.
In case, if the Government has any such proposal to privatise any Bank, our party is opposed to it. Such decision must be reviewed and rescinded.
With regards,
Yours sincerely,
S/d
D RAJA
General Secretary