In ordinary sense bank privatization means that the ownership of the banks will no more come under the government. Government will be holding only 50% of the stakes of the bank.
The idea of bank privatization is expedited by Indian Government at the centre and the reason for accelerating bank privatization is that the government banks are facing financial crisis due to tax collection. The government wants only 4 to 5 banks in the country. The Government has decided to privatize 4 banks in the country. No official information has been given yet but the sources say that the work of privatization bank has already commenced.
The privatization of banks will focus on maximizing the profits and it will have adverse effects on middle class people and another disadvantage is that it will affect the bank employees as there will be no job security for them. This might affect banking services too.
We can protest the bank privatization by keeping in mind the laws of constitution. Rallies and strikes can be the better ways to protest bank privatization. The bank employees had already done a strike to protest privatization of banks. We as active and responsible citizens of our country can also protest bank privatization through social media platforms. Hashtags such as #bankbachao_deshbachao are trending on various social media platforms.
The banks that are going to be privatized are as follows:
- Central Bank of India
- Indian Overseas Bank
- Bank Of Maharashtra
- Bank of India