New Delhi :
In a significant development for account holders in government banks, including SBI-PNB, there is growing concern about the privatization of these banks, according to recent news.
The All India Bank Officers’ Confederation (AIBOC), the leading organization representing bank officers in the country, has expressed its apprehensions regarding the future of public sector banks.
AIBOC Raises Concerns
Rupam Roy, the General Secretary of AIBOC, has asserted that public sector banks are genuinely facing the risk of privatization.
He believes that this ideological conflict can be resolved by embracing an alternative ideology that prioritizes the welfare of the broader population.
Contributions to Economic Development
Roy emphasized that PSBs have played a pivotal role in providing financial support to vital sectors such as agriculture, small and medium enterprises (SMEs), education, and infrastructure since their nationalization.
They have been instrumental in promoting economic growth, development, and extending banking services to millions of Indians.
Bank Mergers in 2019
It’s worth mentioning that the government merged four out of ten banks in August 2019, reducing the number of public sector banks in the country from 27 to 12.
Presently, there are no plans for the privatization of these banks.
The Finance Ministry has expressed its stance that these banks should be kept out of privatization.
While the government has implemented bank consolidation measures, the process of their integration is still pending, but it is expected to be completed soon.
