Economy & Equity

Legislation to Privatise Two Public Sector Banks? https://www.youtube.com/watch?v=YaPAkIY1oy8  Nov 27, 2021 NewsClickin

This Winter Session, the government is going on a disinvestment spree at the cost of people. Finance Minister Nirmala Sitharaman said in the 2021-'22 Union Budget that two public sector banks will be privatised by amending the Companies Act and Banking Regulation Act.

Newsclick's Pragya Singh speaks with Thomas Franco of People First about the disastrous consequences of privatisation. The former general secretary, AIBOC, says disinvestment could increase the already wide credit gap in the country. Public banks are an article of faith, as corporate banks will deprive people, MSMEs, students and rural India of access to credit. Ever since demonetisation, the banking sector has taken a hit, both financially and in the eyes of the people. The solution is for unions and the public to agitate and resist the corporatisation of banks.

19th July Call of the Day is “Defend Bank Nationalisation: – Defeat Bank Privatisation” https://www.cenfa.org/national-financial-institutions/19thjuly/ 
By Devidas Tuljapurakar | July 15, 2020

In 1969 total bank branches were 8,262 of which in rural 1833 and semi urban 3342, which today are total 1,46,904 while rural 52,098 and semi urban 41,738. In 1969 per branch population was 64000 today is 9269. In 1969 deposits of all scheduled commercial banks were 4646 Cr, while advances 3509 Cr which today are deposits 139 lakh Cr rupees while advances 102 lakh Cr of which in 1969 priority sector advances where 504 Cr which today are 25 lakh Cr. The growth of banking in India consequent upon nationalisation is unparallel and unmatched. This enabled common man to put their savings in the banking which became source of economic development for the government.

The role of the government is to give direction to the banking but consequent upon nationalisation governments started using banking to sub serve their own political interests. Loan Mela were organised thereby to distribute hundreds of crore to nurture their own constituencies to serve narrow political interests. This was followed by repetitive debt relief announcements which vitiated the environment of recovery in the banking. At the same time big business by using their political clout got the sanctions of big amount which also became overdue and were written off in due course of time. Thus today banking is in deep crisis on account of mounting Non Performing Assets (NPAs).

BMC scraps 1.8k vacant posts, hundreds of contract staff hit https://timesofindia.indiatimes.com/city/mumbai/bmc-cuts-1840-vacant-posts-contract-staff-including-doctors-face-uncertain-future/articleshow/114436768.cms Oct 21, 2024 Hundreds of contractual staffers, including doctors, could be laid off this month owing to BMC scrapping 1,840 permanent posts that have been vacant for at least three years. Of these posts, 826 are in peripheral hospitals.
  A senior permanent doctor at Bhabha Hospital, Bandra, cautioned that without these staffers, "hospitals would collapse".  
    Whatsapp: LJ: The state government has endeavoured to fill vacant posts in the suo moto PIL on the Nanded hospital deaths before chief justice, and here they are scrapping the posts. The issue of understaffing is so severe. H:  Yes and look at the even more ridiculous justification: since posts are unfilled, it indicates they are not needed.  By that logic, the city has no elected representatives for two years, perhaps we don't need them either?  
     GS: It is a dereservation ploy.  Something similar happened with University teachers too. Surprised they did it before elections. The state government has what they call  zero budgeting and has had no new recruitments for several years now. SG: This is fall out of all budget going for schemes to further gain in election.
    JD: It is also a part of a larger plan to promote privatisation of hospitals.  Just like BSNL, and maintenance of Indian Railways, the bid is to run down public services to the ground.... It is also a part of a larger plan to promote privatisation of hospitals.  Just like BSNL, and maintenance of Indian Railways, the bid is to run down public services to the ground..

मेधा पाटकर का ये बयान अगर आपने नही देखा तो कुछ नही देखा तो जल्दी देखिए! https://www.youtube.com/watch?v=59BSb5uWhwE 27 jAN 2023 

@biswanathmitra3039
@biswanathmitra3039  Patkar madam has coined a new term "profit over nature"! In fact, the prevalent systems are helping the greedy groups to exploit the innocent peoples more and more, causing social desastars! Sincere concerns from connected agencies can only help restoring the conditions

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