Bank Bachao, Desh Bacho: Officers Union Stage Protest Against Privatisation

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The Logical Indian Crew

'Bank Bachao, Desh Bacho': Officers' Union Stage Protest Against Privatisation

All India Bank Officers' Confederation (AIBOC) General Secretary Soumya Datta urged the government to withdraw the Bill. Failing to do so, the officers would be forced to hold a nationwide protest, she added.

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The Bank Officers' union took off the nationwide protest in New Delhi's Jantar Mantar against the privatisation of state-owned banks. The rally was attended by several officers and stakeholders from across the country.

The union members on Tuesday, November 29, raised slogans like 'Bank Bachao, Desh Bachao' against the Banking Laws (Amendment) Bill, 2021, the government has listed for introduction in Parliament's winter session, The Indian Express reported.

The privatisation is expected to bring down the minimum government holding in the public sector banks (PSBs) from 51 per cent to 26 per cent.

All India Bank Officers' Confederation (AIBOC) General Secretary Soumya Datta urged the government to withdraw the Bill. Failing to do so, the officers would be forced to hold a nationwide protest, she added.

Finance Minister Nirmala Sitharaman announced the plan to privatise the PSBs during the 2021-22 Budget presentation. The minister said it was a part of a disinvestment drive to garner Rs 1.75 lakh crore.

Privatisation Of General Insurance Companies

In the last session, the Parliament passed General Insurance Business (Nationalisation) Amendment Bill, 2021, to privatise the state-run general insurance companies. According to the reports, the Act removed the Centre's requirement of holding a minimum of 51 per cent of the equity capital.

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