Union of officers of banks said, threat looms over public sector banks

The threat of privatization is looming large over public sector banks. This is to say of the All India Bank Officers’ Confederation (AIBOC), which is an association of bank officers. Union believes that public sector banks have played an important role in removing economic discrimination in the society, yet the threat of privatization of public sector banks is looming large.
On the occasion of 55th Bank Nationalization Day, All India Bank Officers’ Confederation (AIBOC) said that public sector banks have played a major role in financial inclusion and attracting savings since their nationalization in 1969. AIBOC General Secretary Rupam Roy said that the sword of privatization is hanging over public sector banks. He said that this is a battle of ideology which can be overcome only by supporting such an ideology which cares for the interests of the larger population.
Rupam Roy said that since nationalisation, public sector banks are providing funds to agriculture, MSMEs, education and infrastructure. The All India Bank Officers’ Confederation said that public sector banks have been a pillar in promoting economic development through their services, as well as providing employment to crores of people.
Rupam Roy said that the government is the largest shareholder in public sector banks and the government is the biggest beneficiary of dividends received from the profits of public sector banks. He told that in SBI there are 1900 customers per employee while in HDFC Bank this number is 530 and in Axis Bank it is 325. Before 2017, there used to be 27 public sector banks in the country. Whose number has come down to 12 after the merger. The government is aiming to privatize two nationalized banks.