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Rs80 lakh crore public money at risk if PSBs privatised: UFBU

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Strongly opposing Prime Minister Narendra Modi s plans to privatise all public sector banks (PSBs), the Unted Forum of Banking Unions on Thursday said that it could imperil Rs 80 lakh crore hard-earned money belonging to the people.

UFBU Convenor Devidas Tuljapurkar said that the move could prove counterproductive as the private sector banks will work towards accounting profits vis-a-vis the PSBs which strive towards social profits .

To protest the move to privatise the PSBs, the UFBU will go on a two-day nationwide strike on March 15-16, he said.

India is still confronted by poverty, unemployment, hunger, there is acute economic disparity and geographical imbalances There is a need to implement social sector lending schemes in which the private sector banks hardly contribute, Tuljapurkar said. ....

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Rs 80 lakh cr public money at risk if PSBs privatised: UFBU

Rs 80 lakh cr public money at risk if PSBs privatised: UFBU
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