SUCI(C) strongly opposes ill-motivated move to privatize PSU banks through merger
Shri Provash Ghosh, General Secretary, SUCI (Communist), has issued the following statement today: “We strongly oppose the highly motivated move by BJP-led Central Government to merge several relatively smaller public sector banks with bigger banks on the pretext of creating a fewer but stronger banks which, if analyzed in depth, would be revealed to be a clandestine step to eventually privatize PSU banks by allowing higher stake of corporate houses as well as foreign and domestic private sector banks in these amalgamated entities through equity holding. Needless to say that such a step of de-nationalization would only benefit the private monopoly houses who would seek to maximize profit by manpower reduction, increased charges, reduced interest rate and closing down rural branches denying access to bank facilities to the poorer sections of people. Also, such merger would further strengthen the financial oligarchy by fusion of banking capital and monopoly capital. We urge upon all bank employees, bank customers, trade unions and social organizations, to raise united voice of protest to frustrate such a heinous move to dismantle India’s public banking network much to the detriment of interest of Indian citizens.”