UFBU observes Bank Nationalisation Day

The United Forum of Bank Unions (UFBU), Odisha unit observed the 49th Bank Nationalisation Day here on Thursday to mark the golden jubilee year celebration of bank nationalisation.

UFBU, Odisha Unit convenor Sambit Mishra said the bank nationalisation was done by Late Prime Minister Indira Gandhi to bring social control over savings of the country and to channelise that for productive use mainly to the starving sectors of agriculture, SME and MSME.

In the meanwhile, new needs like financial inclusion, health and education have arisen. How far the bank nationalisation has served its purpose and how relevant it is to continue to cater the needs of the country must be assessed, he added.

Columnist Dr SK Mohapatra appreciated the contributions of banks in national building and efforts of bank unions on opposing privatisation. He also focussed on the disturbingly-increasing NPAs (nonperforming assets) of the public-sector banks  (PSBs) of which 70 per cent is contributed by corporate houses.

On the occasion, Professor in Economics Dr Mitali Chinara focussed on the secrecy of nationalisation, demonetisation, increasing NPAs in banks, credit growth of PSBs, selling of bad loans to NCLT and opposed privatisation and opined for devising a new course.

Bank union leader AK Motayat pointed out that 550 private banks have become extinct in the past but not single PSB. He advised the employees to fight the anti-people steps in the banking sector tooth and nail.

Among others, UFBU Odisha unit secretary Sabyasachi Swain was present.