Total bank deposits more than Rs 165 lakh crore, top priority: safety of people’s money

Statement was released by the Joint Platform of Central Trade Unions and Sectoral Federations/Associations* opposing privatisation of banks, supporting the united struggle of bank employees and officers:

***

As a part of the Government overall policy of economic liberalization and privatisation, the Central Government has been continuously making attempts to privatise the public sector Banks. Various Committees appointed by the Government have also unfailingly echoed the Government’s views and repeatedly recommended privatisation of Banks. The recently report presented by Poonam Gupta of National Council of Applied Economic Research along with former Vice Chairman of NITI Aayog Arvind Panagaria has also suggested privatisation of entire public sector Banks.
But it is very important to keep in mind that in a developing country like India, the Banks, which are dealing with the huge public savings, are needed to be in public sector because of our bitter experience in the past where many private Banks have collapsed and the people lost their precious savings. Today total Deposits in the Banks are more than Rs. 165 lacs crores and the top priority is the safety of this people’s money.
Further, for the development of our economy, these Deposits have to be deployed in important and needy sectors of the economy. Only public sector Banks extend loans to priority sectors like agriculture, employment generation, poverty reduction, health and education, women’s empowerment, credit to small, medium and cottage industries, exports, etc. Private sector Banks are interested in giving loans only where profits are more and assured and not for social needs of the country.
Further, we have seen in the last five decades, that large number of Branches have been opened in the remote rural areas only by the public sector banks to reach the common people and private banks do not open branches in these areas under the plea of they being non-profitable.
There is no case of privatisation of public sector Banks because it is only the big private corporate companies which are the major defaulters of huge bank loans due to which Banks are incurring large amounts towards provisions, write offs and haircuts. Handing over the Banks to the private sector makes no sense at all.
Hence, we are totally opposed to privatisation of our public sector Banks which are the main engines of our economic development. It is notable the Bank Unions under the banner of United Forum of Bank Unions (UFBU) have been waging a relentless battle against the moves of the Government to privatise the Banks. Their struggle also exposes the moves of the Government to privatise other core sectors of our economy, such as the Railways, Coal, Defence, and other PSUs, which we have been continuously opposing. We extend our full support to the struggle of the UFBU.
----
*INTUC AITUC HMS CITU AIUTUC TUCC SEWA AICCTU LPF UTUC and Independent Sectoral Federations/Associations

Comments

From snowstorms to heatwaves: India’s alarming climate shift in 2025

By Dr. Gurinder Kaur* Climate change is no longer a future concern—it is visibly affecting every country today. Since the beginning of 2025, its effects on India have become starkly evident. These include unseasonal snowfall in hill states, the early onset of heatwaves in southern regions, a shortening spring season, and unusually early and heavy rainfall, among other phenomena.

'Incoherent, dogmatic': Near collapse of international communist movement

By Harsh Thakor* The international communist movement today lacks coherence or organizational unity. Many groups worldwide identify as communist, Marxist-Leninist, or Maoist, but most promote dogmatism, reformism, or capitulation, using revolutionary rhetoric. Some trace their origins to historical betrayals, like Trotsky’s efforts to undermine the Soviet socialist transition or the 1976 coup in China that restored a bourgeoisie under Deng Xiaoping. Others focus on online posturing rather than mass engagement. Small communist organizations exist in places like Turkey, South Asia, and the Philippines, where Maoist-led struggles continue. No international forum unites them, and no entity can forge one.

Priced out of life: The silent crisis in India's healthcare... who pays attention, and who takes responsibility?

By Aysha* Manisha (name changed) has been living with a disease since the birth of her third child—over ten years now—in the New Seemapuri area of North East Delhi. She visited GTB Hospital, where a doctor told her that treatment would cost ₹50,000, as the hospital would charge for the cost of an instrument that needs to be implanted in her body. Several NGOs have visited her home, yet she has received no support for treatment and continues to live with the illness. Manisha is divorced, without access to ration or pension, and lives with her three children by begging outside a temple.

Madhya Pradesh village's inspiring example of how small budget effort conserves water amidst heat wave

By Bharat Dogra Heat waves have been intensifying over vast areas of India in recent days and there are also many reports of water scarcity making the conditions worse for people. However the situation can differ significantly in various villages depending on whether or not significant water conservation efforts have been made. In recent years I have visited several villages of good water conservation efforts where I noticed that even at the time of adverse weather conditions, people of these villages as well as farm and other animals feel important relief in terms of access to adequate water. Due to water and moisture conservation, conditions of farms and pastures is also much better. What is more, with the participation and involvement of people, even quite low budgets have been utilized well to achieve very useful and durable results.

Population explosion: India needs a clear-headed policy, data-driven governance, long-term planning

By N.S. Venkataraman* At the upcoming G7 summit in Canada, Prime Minister Narendra Modi has been invited as a special guest, with Canadian Prime Minister Justin Trudeau citing two main reasons: India’s rise as the world’s fifth-largest economy and its status as the most populous nation. While economic growth is undoubtedly a point of pride, the latter distinction—India’s population—raises an important question: should this be seen as a strength or a source of growing concern? India has not conducted a national census since 2011, leaving the current population figures largely speculative. Estimates place the population at around 1.4 billion, with projections reaching 1.8 billion by 2050. Despite modest declines in fertility and death rates, the annual population growth remains between 1.5% and 2%. The next census, scheduled for 2026, will provide a more accurate demographic picture, but until then, policymaking remains uninformed by crucial data. Over the past eleven years, the gov...

Victim to cricketing politics, Alvin Kalicharan was a most organized left handed batsman

By Harsh Thakor* On March 21st Alvin Kalicharan celebrates his 75th birthday. Sadly, his exploits have been forgotten or overlooked. Arguably no left handed batsman was technically sounder or more organized than this little man. Kalicharan was classed as a left-handed version of Rohan Kanhai. Possibly no left-handed batsmen to such a degree blend technical perfection with artistry and power.

Vishwamitri river revival? New report urges action on pollution, flood risks, wildlife protection

By A Representative The Vishwamitri Committee, formed by the Gujarat State Human Rights Commission, has submitted two supplementary reports on June 5, 2025, detailing efforts to rejuvenate the Vishwamitri River in Vadodara, considered Gujarat's cultural capital. The reports (click here and here ) respond to directives from a May 26, 2025, GSHRC hearing. Comprising environmentalists, urban planners, and zoologists like Neha Sarwate, Rohit Prajapati, Dr. Ranjitsinh Devkar, Dr. Jitendra Gavali, and Mitesh Panchal, the committee focuses on mitigating pollution, stabilizing riverbanks, managing flood risks, and preserving biodiversity, particularly for crocodiles and turtles.

Mumbai jetty project: Is Colaba residential associations' outrage manufactured?

By Gajanan Khergamker When the Maharashtra Maritime Board (MMB) filed an affidavit before the Bombay High Court defending its long-planned public jetty project, it did more than just respond to a writ petition by a Colaba Residents Association. It exposed, albeit inadvertently, a far more corrosive phenomenon festering beneath the surface of urban civil life across India—a phenomenon where residential associations, many unregistered and some self-professed custodians of ‘public sentiment,’ conspire to stall governance under the veil of representation.

Central London discussion to spotlight LGBTQ+ ex-Muslim rights and persecution

By A Representative On June 13, 2025, the Dissident Club in Central London will host a public discussion to mark the 18th anniversary of the Council of Ex-Muslims of Britain (CEMB) and to commemorate World Refugee Day. The event, scheduled from 7:00 to 9:00 pm, will feature speakers Ali Malik, Maryam Namazie, and Taha Siddiqui, who are expected to address the intersecting challenges faced by LGBTQ+ ex-Muslims globally.

Search This Blog