✒What is bank privatization?
In simple language it states that the ownership of the bank will no longer rest with the govt. Ie government can’t be holding more than 50% stakes in the bank.
✒Why it started?
The very idea of bank privatization has been accelerated by Modi government at centre. The government at the present moment has decided to privatize 4 banks in the country. Although no official information has been given yet but sources say the privatization work has already started and is going on at greater pace.
✒What’s the motive of govt.?
There are several reasons coming out to explain explain bank privatization. The Vert first reason that can be concidered is that the government banks are facing crisis. Another considerable reason is that the government only wants 4 to 5 banks in the country.
✒Impact on people?
The privatization of banks will have a huge effect on customers and specially the bank employees. For the customer they will have to pay greater service charges. Various services like water charges, power charges, pension etc will not be provided. Bank will only focus on their remuneration. As for the bank employees this privatization process is a threat for their job security. Bank jobs will no longer be a safer and secure option. This might also effect the working environment thus effecting the qualified of work.
✒What customers can do?
Cause of all the ill effects of privatization process there is a rage of anger among the citizens. Hashtags such as #bankbachao_deshbachao are trending on twitter. Its time for protest but question is how? We can protest in various form keeping in mind that our actions is within the law. Hartals, rallies, and other peaceful prossession can work blunders in such cases. The bank workers have planned a stike on 15th and 16th march. We as an active citizens can also support this through various social median platforms.
✒Which banks will be privatized?
The banks that are going to be privatized are;
1) Central bank of India.
2) Bank of Maharashtra
3) Indian overseas bank.
4) Bank of India