Selling public sector banks is disastrous, will oppose it, says Congress leader Jairam Ramesh

Opposing the central government’s plan to privatize two public sector banks, Rajya Sabha MP and senior Congress leader Jairam Ramesh on Tuesday said selling public sector banks to a “select few would be disastrous” and the party will strongly protest the move. Notably, on this day back in 1969, then prime minister Indira Gandhi had nationalized 14 major commercial banks.

“On this day, 53 years ago, banks were nationalized. That was a transformative change,” the Congress leader wrote on Twitter in Hindi. “Selling public sector banks to a select few would be disastrous,” he further said in his tweet.

Union Finance Minister Nirmala Sitharaman, in her speech on the Union Budget for the year 2021-22, announced the government’s intent to take up the privatization of two Public Sector Banks (PSBs) and the approval of a policy of strategic disinvestment of Public Sector Enterprises (PSE). The objectives of the divestment policy include enablement of growth of public sector enterprises through the infusion of private capital, thereby contributing to economic growth and new jobs, and financing of social sector and development programs of the government, the government told Parliament.

Though the privatization of banks is high on the priority list of the government. It, however, hasn’t listed the respective Bill in the ongoing monsoon session of Parliament. (ANI)

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