On March 15th and 16th, 2021 over privatization of public sector banks nine bank unions from across the country held strikes in retaliation of the government’s decision to privatize more banks. This announcement was followed by a hashtag #bankbachao_ deshbachao which is trending. All the bankers have taken to Twitter to express their consensus to stop the privatization of banks.
However, recently it has been taken to Twitter to express their solidarity to cause to stop privatization of banks hashtag #NationAgainstPrivatization.
India celebrated 50 years of bank nationalization on Friday the 19th of July 2021. On 19th July 1969, 14 banks were nationalized making one of Indira Gandhi’s “stray thoughts” an immediate reality. It started under the leadership of Prime Minister Indira Gandhi with the nationalization of 14 major lenders that accounted for 85 percent of bank deposits in the country at that time. Six more banks were later nationalized in 1980. The core objective for nationalization was to energize priority sectors at a time when the large businesses dominated the credit system.
Finance Minister Nirmala Sitharaman, while presenting 2021-2022, Union Budget had said that the privatization of the three entities would be carried out this year.
However, ” This process is about the privatization of state-owned financial companies, a new territory in terms of policy and reversal of bank nationalization. Also, the finance minister has promised there will be no job losses as a result of privatization. Framing the contours of the deal and finding a suitable buyer will take time.” an official said
Money control states that the three privatization deals can be pushed to 2022-2023.
Twitter had flooded with tweets against the privatization with the hashtag #NationagainstPrivatization on the Nationalisation Day 19th July 2021.
‘Indian banking was earlier in Pvt hands but it was nationalized in order to reduce the social imbalance and provide safety to public money. Now again the govt is privatizing the PSBs. Won’t it destroy the Nation?’
‘It’s sad affair that Nation is compelled to observe Nationalisation Day of Banks as Protest against Privatisation, courtsey Wrong economic Policy of Govt.’
‘There is a direct benefit of businessmen and poor people will continue to struggle due to privatization of public sector banks. So, we oppose privatization.’
And many more opinions of the people against privatization of financial sector were perceived on twitter.
However, there was also a massive protest against the privatization of the Bank of Maharastra and Indian Overseas Bank outside their respective head offices last month.
