With both houses of parliament adjourned sine die, the winter session of parliament has come to an end. Following up on the announcement of privatisation of two public sector banks made in the union budget, the central government had listed the Banking Laws (Amendment) Bill, 2021 for introduction, consideration and passing for the winter session. That this bill was not finally tabled in the winter session is a direct result of the people’s movement against bank privatisation.

The Bharat Yatra initiated by AIBOC on November 24 from Kolkata and Mumbai to Delhi, which traversed through the poll bound state of Uttar Pradesh and held protest meetings in Varanasi, Allahabad/Prayagraj, Lucknow, Kanpur, Agra and Noida had evoked spirited responses. Leaders of the opposition parties, trade unions and kisan organisations spoke at the “Bank Bachao, Desh Bachao” Rally held at Jantar Mantar on November 30 and urged the banker community to follow the example set by the farmers’ movement and prepare for a sustained movement against bank privatisation.

Following this, the two-day All India Bank Strike called by the UFBU on December 16 & 17, was a resounding success, sending a clear message to the government that a protracted movement is on the anvil. The collective pressure built by the anti-privatisation movement has now forced the government to retreat for the time-being. We have to ensure that the Government is forced to annul the Banking Laws (Amendment) Bill, 2021 for good.

While congratulating the bank customers, officers, employees of the Public Sector Banks and all constituents of the UFBU, for winning this reprieve — similar to the push bank on the FRDI Bill in 2017 — AIBOC calls upon all stakeholders to remain vigilant against any move to weaken and privatise PSBs in future. The Bank Bachao Desh Bachao movement will be intensified in the days to come.

The Report on “Privatisation of Public Sector Banks: Against Public Interest”, prepared by a team of economists under the aegis of the AIBOC, released on December 14 in New Delhi has raised vital questions regarding the health of the PSBs. AIBOC calls upon the Finance Minister and the CAG to ensure performance audit of PSB Recapitalisation and take immediate steps to stall the losses being suffered on account of corporate NPAs, indiscriminate write-offs, corrupt practices in the IBC and bank frauds.

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