INDUSTRY

PSBs in real danger of privatisation despite playing vital role, rues AIBOC

All India Bank Officers’ Confederation (AIBOC), the apex body of bank officers in the country, on Tuesday said State-run lenders were in “real danger of privatisation” despite playing a crucial role in closing the economic divide in society. 

On the occasion of the 55th Bank Nationalisation Day in India on Tuesday, the Guwahati-headquartered body said that public sector banks (PSBs) had played an important role in promoting financial inclusion and mobilising savings since the nationalisation of the lenders in 1969. 

“Public Sector Banks are in real danger of privatisation. It is an ideological conflict that can be overcome by supporting the alternative ideology that prioritises the welfare of a larger human population,” AIBOC General Secretary Rupam Roy said. 

Since their nationalisation, these PSBs had been channelling funds to vital sectors such as agriculture, small and medium-size enterprises (SMEs), education and infrastructure among others, he added. 

“They have been the pillars of economic development, fostering growth and providing millions of Indians with access to banking services,” the statement said. 

AIBOC said that as income inequality became an urgent issue in society, PSBs played a crucial role in closing the economic divide, ensuring banking access to the underserved segments of society to foster a more equitable economic environment. 

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