Not all banks will be privatized, employees’ interests will be protected: Finance Minister Nirmala Sitharaman
Nirmala Sitharaman favors government over privatization of banks
New Delhi:
Central Finance Minister Nirmala Sitharaman Has assured that all of the country Privatization of banks (Banks Privatisation) will not be done. The interests of all the employees of the banks which will be privatized will be protected. The government had announced the privatization of two state-run banks in the budget, although their names have not been announced yet.
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Finance Minister Nirmala Sitharaman’s statement came at a time when the bank employees are going on a two-day strike to protest against the privatization of banks and other decisions related to disinvestment. This strike is being held under the United Forum of Bank Union. It consists of nine major bank unions.
Even for those banks which are likely to be privatized, the privatized institutions too will continue to function after privatization; The interests of the staff will be protected: Finance Minister Nirmala Sitharaman. pic.twitter.com/SEkNc8Lfqy
– ANI (@ANI) March 16, 2021
Sitharaman clarified that the decision to privatize the two banks is a deliberate decision. There is no hurry in this. The government wants banks to meet the aspirations of the country. The Finance Minister assured that the interests of all the existing employees of banks will be protected at all costs.
Sitharaman said that the banks which have to be privatized, even after privatization, these banks will continue to work as before. There will be no harm to the interests of the staff. According to Sitharaman, the Union Cabinet has approved the formation of Development Finance Institution (DFI). Under this, development work will be ensured with financial funding. The Finance Minister said that efforts have also been made to create investment funds in the past, but given the long-term risk, no bank was willing to put in it.
According to the Finance Minister, in the last budget we had said that a National Bank would be set up to fund infrastructure and developmental schemes. The government is also considering issuing certain securities (securities) for developmental financial institutions. This will reduce the cost. This will help the DFI to raise initial capital and raise money from other sources. It will also have a positive effect in the bond market.
Bank employees engaged in Jantar Mantar, said – privatization of banks is not in the interest of general public