PSBs incurred Rs 2 lakh 84 thousand cr loss in 2 yrs; nationwide strike against privatisation on Dec 16-17

The Modi government is reportedly expected to introduce the Banking Laws (Amendment) Bill in the ongoing Winter Session to pave the way for the privatisation of two public sector banks

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Due to the settlement of bad loans in favor of 13 big corporates including DHFL and Bhushan Steels, public sector banks have incurred a loss of over 2 lakh 84 thousand crores in the last two years, claimed All India Bank Employees Association (AIBEA).

According to the AIBEA, a huge loss to the public sector banks was a result of the ‘resolve policy’ adopted by the Modi government.

Urging the Modi government to stop the privatisation bid, the United Forum of Bank Unions (UFBU) – an umbrella body of nine bank unions has given a call for a two-day nationwide strike on December 16-17.

PSBs incurred Rs 2 lakh 84 thousand cr loss in 2 yrs; nationwide strike against privatisation on Dec 16-17

Sources told NH that the Modi government is expected to introduce the Banking Laws (Amendment) Bill in the ongoing Winter Session to pave the way for the privatisation of two public sector banks.

However, the Cabinet has not as yet given its nod for the introduction of the Bill. Sources also said the Bill was discussed at the Cabinet meeting on Thursday.

Speaking to National Herald, CH Venkatachalam, General Secretary AIBEA, said, “We have announced various programmes to oppose the privatisation of the public sector banks ranging from the protest on the ground to file online petitions and a Twitter campaign also…People’s money should not be given to private banks. Private banks have failed.”


As per the AIBEA, the Twitter campaign is planned for December 10, on December 14 online petitions will be submitted to the Prime Minister. Demonstrations and rallies have been planned in every branch all over the country on December 15.

“We are trying to garner support from political parties including the BJP also. Several parties like the DMK, TMC, and NCP have extended their support to our struggle,” added Venkatachalam.

“On the day of the introduction of the Bill, there will be a demonstration/morcha before the Parliament,” asserted Venkatachalam.

In February this year, after the Modi government announced in the Budget that two banks will be privatised – the UFBU gave a call for strike on March 15–16.

All India Trade Union Congress (AITUC) general secretary, Amarjeet Kaur who addressed a dharna of the Bank of Baroda employees at Jantar Mantar, said the March protest was a huge success given the expanded participation of bank employees and officers.

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