Country’s corporate tycoons and international lords of different companies are now showing immense interest in buying stakes in nationalized banks and insurance companies. Modi’s government is inviting private entities to come and capture the entire Indian market belittling the exact meaning of swadesi. This government is of the view that if private set ups will come up then our country will flourish and will be able to showcase India’s position on global platform in a better way. Government has forgotten the reason behind the nationalization of banks way back in the year 1969 and 1982.

Total number of branches of nationalized banks is now at 75000. And in these branches the amount of hard earned money deposited by our people is 80 lakh crore. Out of these deposited amount 61 lakh crore rupees have been used as advances and loans by the banks. In the fiscal year 2013-2014, the banking institutions had registered a profit of 1, 28,000 crore rupees. But the net profit was pegged at 37000 crore rupees only because those corporates who had taken the loans from banks and not made any repayment towards the advances. In order to write off these loans huge provisions had been made that is the reason of reduced net profits in the banks.

Instead of blacklisting and probing the wrong doings of these finger countable corporate and private firm owners, the government is interested in promoting these entities to have pie in the BFSI sector. The pace at which this government wants to privatize the nationalized outfits is more as compared to that of the erstwhile UPA government.

Recently, Prime Minister Modi with his entourage has visited Australia and recommended SBI to allow a credit of $1 Billion to Adani Group for buying a debt-ridden company of Australia in Queensland. No other banks were willing to make advances for the Adani’s project. Adani group has a colossal liability of around INR 28000 crore rupees from Indian banks. Whose ulterior motive is behind this? Well, all of you have to think about it. This government is trying to dilute the nationalization act by bringing down the government stakes to 37% which is imminent.

Before nationalization all the banks in India were private and were owned by individual business houses. All the hard earned money of depositors in these banks was utilized by the business houses to carry out their own businesses. After waiting for an auspicious occasion on someday these banks declare themselves as bankrupt and the innocent gullible depositors would have to lose their hard earned money. This was the main cause to bring most banks under the nationalization act to preserve the public interest. In 1975, the inception RRBs were also made because of the fact that the interest of the village people could be protected from the clutch of so called Sahukars (usurpers) and Mahajans.

Now this is the high time to raise the voice against privatization of nationalized banks. We have to sensitize this issue on a massive scale so that public interest shouldn’t be hampered.

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About ambatisreedhar

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