Current Affairs 23rd March 2021: Privatization Is Not Going To Cover All Banks

Updated Tue, 23 Mar 2021 10:52 PM IST

Finance Minister Nirmala Sitharaman, in her statement on Tuesday, declared that Privatization is not going to cover all the banks in the country. She further added that the interests of the workers will be kept protected.
In a criticizing counterargument with Congress leader Rahul Gandhi, Finance Minister Nirmala Sitharaman said that the previous Government was full of corruption and was the epitome of corruption activities.
Indulging in a strong argument with the Congress party leader Rahul Gandhi, she added that the previous UPDA regime did carry the corruption activities which further privatized taxpayer’s money besides nationalizing corruption activities.
In a counter reply, Rahul Gandhi further tweeted, that selling the private sector banks to comrades would further result in compromising the financial security of the country. “Government of India (GOI) is privatizing profit and nationalizing loss. Selling Public Sector Banks PSBs to Modi cronies gravely compromises India’s financial Security,” Rahul Gandhi tweeted.
In response to Gandhi’s tweet, Sitharaman responded, “Privatizing Taxpayers’ money is what the UPA did for the betterment of one family”.

Are All the banks are going to be privatized?

"We have a lot of banks, but we need banks that can grow with us." To satisfy the country's aspirational needs, we need many more banks the size of SBI. We've unveiled a Public Enterprise Policy, outlining four sectors where the public sector will be present.

Source: Amar ujala

The financial sector is also present in this. As a result, not all banks will be privatized.
"Even in the case of banks that are likely to be privatized, the privatized institutions will continue to operate after privatization, with the interests of the employees protected." Employees of banks that are likely to be privatized will have their interests fully protected, including their wages, pay scales, and pensions. Even when we talk about privatization or disinvestment, we acknowledge that each unit contributes to the economy and requires investment.

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It is our responsibility to ensure that the interests of the workers are protected and that the institution continues to function. I want to reassure you that the institutions will not be closed or the employees will not be fired. "We are very conscious of the interest of workers in these institutions, so this is not a hasty decision," Sitharaman said.

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