Union finance minister Nirmala Sitharaman has assured that not all banks will be privatised and wherever it happens, the interest of the employees will be protected.
Addressing the media amid a two-day nationwide bank strike called by nine unions against the proposed privatisation, she said, “The decision of Privatization is a well thought out decision. We want Banks to get more equity… We want banks to meet the aspirations of the country”.
“Those banks which are likely to get privatised, the interest of every staff member will be protected. Interest of existing employees will be protected at all cost,” Ms Sitharaman said.
Sitharaman’s assurances came on the second day of the two-day bank strike called by the United Forum of Bank Unions that is protesting against the proposed privatisation of two state-owned banks.
Around 10 lakh bank employees reportedly participated in the strike, affecting banking services for four days straight (including Saturday and Sunday offs).
The minister said that the banks are being privatised because the government wants to make financial institutions better equipped and more sustainable. She gave the example of State Bank of India and added that the focus is on amalgamating banks that are big enough to meet the aspirations of the country.
“Today we have quite a few number of banks and they have a very big role to play. But we need banks which are going to be able to scale up,” she said.
