All India Bank Officer’s Confederation (AIBOC), National Alliance of People’s Movements (NAPM) and New Trade Union Initiative (NTUI) are happy to invite you to the public meeting “Last battle to save PSBs” on the 29th November 2017 in Constitution Club, New Delhi, between 6 and 9 pm.
Attempts to privatise the public sector banks has been ongoing since the economic reforms. The current crisis with the rising NPAs in the banking sector is being used as another opportunity to overhaul the banking system. With years of propaganda of an inefficient public sector, a climate of disinvestment is only perfect to liquidate any public sector financial institution! Hence what we are facing today is not just an NPA crisis is a conscious effort to reverse the nationalisation of banks and to end public sector.
The combination of merging small banks to create a few ‘lending giants’ along with the introduction of payment banks is a perfect way to end brick and mortar branches. The proposals of ‘haircuts’(a fancy term for write-offs,) the policy of demonetisation, evergreening of loans, selling bad loans at a pittance to asset reconstruction companies are all measures that would further weaken the public sector banks. A slew of legislation on banking sector, in the form of, the Insolvency and Bankruptcy Code (IBC), 2016, the Banking Regulation (Amendment) Ordinance, 2017 and the Financial Resolution and Deposit Insurance (FRDI) Bill, 2017 were introduced in haste and without a debate in order to make the PSBs weak and subservient. Particularly the FRDI puts most of the PSBs under the threat of being liquidated.
Banks apart, the entire public sector is facing disinvestment, privatisation, and selling of assets and resources in the name of cutting losses. It is important for all progressive sections of the society, cutting across political affiliations to come together in building a rock-solid resistance.
To highlight the threat that the FRDI bill poses to public sector and to contextualise the threat faced by public sector banks in general, we are planning to hold a public meeting on the topic “Last battle to save PSBs” on the 29th November 2017 in constitution club.
We would be grateful if you could participate in the meeting.
In Solidarity,
Com. Thomas Franco, General Secretary, AIBOC
Com. Gautam Mody, General Secretary, NTUI
Sathi Madhuresh Kumar, National Convenor, NAPM