Bank Strike on 15th and 16th March 2021 || Announced by United Forum of Bank Unions

Chennai, March 13th, 2021: United Forum of Bank Unions today announced the Bank strike on 15th and 16th March 2021 at its Press Meet.

G.Kripakaran, Convenor, United Forum of Bank Unions spoke on the reasons for the Proposed Bank Strike on 15th and 16th March 2021:

To demand

To oppose

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History & Advantages of Nationalisation of Banks

In 1969, 14 major private banks were nationalized and 6 more in 1980.
SBI and its subsidiaries, RRBs and other nationalised banks reached out to common masses in rural areas and remote villages
People's precious savings were mobilised and brought into banking system
Agriculture and allied activities, Rural and Cottage industries, and Small scale Industries were given priority in lending which were till then neglected by private banks
Private Banks did not contribute to the economic development growth and progress of the country which had a big mass of rural poor whereas nationalized banks did.
Unlike Public Sector Banks, Private Banks went bankrupt and people lost their hard earned money kept in the Banks as savings
Housing loans and education loans were made available.
Nationalization of Banks witnessed huge generation of employment
PS8s focussed on priority sector lending and were instrumental in our country's economic growth and development.
Class Banking was transformed into Mass Banking
Banks reached out to the common masses. Banks branches were opened in rural area and remote villages. Rural poor were saved from the clutches of local money lenders
PSBs played pivotal role in revolutions like green, blue, white etc.
Major infrastructure development took place in our country because of the contribution of the nationalised banks.

Why we oppose Privatization of Public Sector Banks

Privatization would weaken the Public Sector Banks and would be against the interest of the country and the people.
The privatisation move is uncalled for as the operating profits of PSBs have increased from 76,945 crores in 2009-10 to 1,74,336 crores in 2019-20 despite implementing various unremunerative Government schemes
Many Private Banks ended up in failures and they had no social responsibility as their sole motive was profit
Rural and agriculture credit would be given a go by.
People's hard earned savings in the banks would be at risk
NPAs in PSBs are mostly because of wilful default by corporate giants.
The collapse of Major Private Banks in 2008 which resulted in the biggest economic downturn in developed countries like United States revealed what the private bank are capable of
As pointed out by eminent economists, Private Banks are always dismal performers.

G. KRIPAKARAN

Convenor

United Forum Of Bank Unions

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