Customers stand to gain as private banks can now take up govt business
Surabhi
Mumbai |
Updated on
PSBs may lose ground; unions say private banks lag behind in govt schemes
The lifting of the embargo on granting government business to private banks will not only enable them get a greater share of government business, but will also benefit their customers, say experts.
“Customers of new private sector banks will be very happy, there will be a marginal change for old private banks and public sector banks may lose some ground,” said a former banker.
At present, apart from public sector banks, only a few large private sector banks are allowed to do government business.
(Representative image)
NEW DELHI: The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, on Tuesday gave a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders.
In the Union Budget presented last week, finance minister Nirmala Sitharaman announced the privatisation of two Public Sector Banks (PSBs)Â as part of its disinvestment plan.
The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the last four years.
It has been decided to oppose the government s decision to privatise banks during the meeting of UFBU held on Tuesday, All India Bank Employees Association (AIBEA) general secretary C H Venkatachalam said.
Synopsis
After deliberations, it was decided to give the call for a two-day March 15 and March 16 strike against the government s moves, AIBOC general secretary Soumya Datta said.
In the Union Budget presented last week, Finance Minister Nirmala Sitharaman announced the privatisation of two Public Sector Banks (PSBs) as part of its disinvestment plan.
The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, on Tuesday gave a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented last week, Finance Minister Nirmala Sitharaman announced the privatisation of two Public Sector Banks (PSBs) as part of its disinvestment plan.
NEW DELHI: The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, on Tuesday gave a call for a two-day strike from March 15 to protest
In the Union Budget presented last week, Finance Minister Nirmala Sitharaman announced the privatisation of two Public Sector Banks (PSBs) as part of its disinvestment plan.