Mumbai:Strongly opposing Prime Minister Narendra Modi's plans to privatise all public sector banks (PSBs), the United Forum of Banking Unions on Thursday said that it could imperil Rs 80 lakh crore hard-earned money belonging to the people.
UFBU Convenor Devidas Tuljapurkar said that the move could prove counterproductive as the private sector banks will work towards "accounting profits" vis-a-vis the PSBs which strive towards "social profits".
To protest the move to privatise the PSBs, the UFBU will go on a two-day nationwide strike on March 15-16, he said.
"India is still confronted by poverty, unemployment, hunger, there is acute economic disparity and geographical imbalances There is a need to implement social sector lending schemes in which the private sector banks hardly contribute," Tuljapurkar said.
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He pointed out that in the implementation of the Jan Dhan Scheme, the share of private sector banks is less than 5 per cent and their share is also insignificant for other schemes like Mudra, Swadhan, Stand UP India, Make In India, etc. which are intended for employment generation.
The common man will be pushed out of the orbits of banking and in turn, development which is unaffordable, while putting at risk Rs 80 lakh crore savings of the people, Tuljapurkar warned.