For individuals who hold accounts with government banks, there is exciting news. All of the nation’s banks, including SBI-PNB, are currently in danger of being privatized. If you have an account there as well (bank privatization news). In this regard, AIBOC has provided information. The All India Bank Officers’ Confederation (AIBOC), the country’s top bank officer organization, claimed on Tuesday. That PSBs are “virtually under threat of privatization” despite having a significant impact on bridging the economic gap in society.
1969 saw nationalisation
Since the nationalization of private banks in 1969. PSBs have played a significant role in fostering financial inclusion and raising savings. According to a statement released by the organization on the eve of the 55th Bank Nationalisation Day in India.
AIBOC has provided details
Public sector banks are actually at risk of privatization, according to AIBOC General Secretary Rupam Roy. It is an ideological disagreement that can be settled by adopting a different philosophy that places emphasis on the well-being of the greater populace.
Several modifications to the banks system
Since being nationalized, he claimed, these PSBs have been contributing money to crucial industries. Including agriculture, small and medium-sized businesses (SMI), education, and infrastructure. According to Roy, they have been a crucial pillar in fostering economic development, and growth and giving millions of Indians access to financial services.
Banks privatization – The merger took place in 2019
Let us inform you that as of August 2019, the government had combined 4 out of 10 banks, resulting in a reduction of the country’s public sector banks from 27 to 12. There is no current plan in place for the privatization of these institutions. The Finance Ministry expressed the conclusion that none of these banks should be privatized. According to information gathered from the consolidation plan created in 2019, the government has merged several banks, but the process of their integration is still ongoing and might be finished soon.
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