In the recent budget government has announced to privatise 2 Public sector banks. 

Public sector banks are most crucial constituent of economy and ray of hope for every strata of the society. 

India attained independence from british rule in 1947, but devoid of complete economic freedom as banks were in the hands of private players who were reluctant to take part in country's development process. For the development of country in toto , creation of Public sector banks was necessity. 

Then PM Indira gandhi took the decision to take to nationalise the banks and implemented the same in 1969 & 1980. From then, nationalised banks left no stones unturned in serving the nation and augment the economic figures. Public sector banks are backbone of Indian Banking sector.

Few facts are apt:

*Nationalised Banks opened 1,33,000 branches in the last 50 years across the length and breadth of the country to serve the people.

*Advances grew from mere Rs.3600 crores to more than 100 lakh crores in the 5 decades of nationalisation.

*Advances to Priority Credit of 30 lakh Crores, Agriculture – 12 lakh Crores, Micro & Small Enterprises – 11 lakh Crores, Education Loan – 51000 Crores, Weaker Section 8 lakh crores (source: rbi.org.in)

*Banking to all through Financial Inclusion. 33.11 crore accounts opened by nationalised banks against 1.25 crore accounts by Private Sector Banks (Source : pmjdy.gov.in)

*Financial Assistance under various Government Sponsored Schemes to crores of beneficiaries Being Government owned committed to social upliftment and not profit maximisation Transparent and efficient service at affordable charges Job opportunity and Job security for lakhs of Indian youth Branches even in remote corners & rural areas of the country

 

If Banks are privatised the ill effects will be *Huge charges and several hidden costs by private sector

*Private Sector offers service to select group of customers only who can afford higher charges 

*Private Sector is purely profit oriented and lower strata will be neglected.

As the privatisation move of the government will negatively affect the privileges of the customers and the public primarily, we all should unitedly oppose this move. 

As an important stakeholder in Banking industry, AINBOF take this responsibility to condemn this decision of government through protests and start this petition. 

Public sector banks are the most important pillars of the Indian economy.

 

If not now then when,

If not you then who