All India Nationalized Bank Officers Federation opposes privatisation of public sector banks

The All India Nationalized Bank Officers Federation (AINBOF)  held a press conference at the Calcutta Press Club on Labor Day to protest against the government’s mismanagement of all banking services. Sanjay Das, General Secretary, AINBOF, discussed the importance of the federation’s role in the country’s rural economy and said that people in rural areas only trust the nationalized banks. Nationalized Banks have branches in remote rural areas where private banks have no branches.

Despite the continuous  growth in the profits of the banks, the government is pursuing a policy of privatizing the nationalized banks. Therefore, the demand of the organization against the national assets – in no way can the nationalized bank be privatized on the recommendation of the government policy commission.

As a result, the savings of the common man will be at risk, also will create pressure on government jobs. Working middle class people should not be pushed into uncertainity. Out of 6.42 lakh villages, only 50,000 villages have bank branches.

Sanjay Das  said, “Our demand is to expand the bank branches in the rest of the rural areas. We are demanding increase in interest rates on deposits and reduction of service charges. Adani and Ambani Group’s net NPAs exceed the total corporate NPAs of the banking sector. Without taking drastic action against such big capitalists, the government is formulating various harsh policies which are hampering the possibility of recovery of those assets.”