Bank officers’ union launches civil movement against privatisation

Bank officers’ union on Tuesday launched civil movement against proposed privatisation of stat- possessed lenders. ‘Bank Bachao Desh Bachao Rally’ was held at New Delhi’s Jantar Mantar on Tuesday attended by officers and other stakeholders from colorful corridor of the country, the All India Bank Officers’Confederation (AIBOC) said in a statement. Addressing the rally, AIBOC General Secretary Soumya Datta appealed to the government to withdraw the Banking Laws (Amendment) Bill, 2021, which has been listed for preface and passing in the downtime session of Parliament. In case the government tables and passes the bill paving the way for the privatisation of the public sector companies . The General Insurance Business (Nationalisation) Amendment Bill, 2021, removed the demand of the central government to hold at least 51 per cent of the equity capital in a specified insurer. rnThe Act, which came into force in 1972, handed for the accession and transfer of shares of Indian insurance companies and undertakings of other being insurers in order to serve better the requirements of the frugality by securing the development of general insurance business. Government suppose-tank NITI Aayog has formerly suggested two banks and one insurance company to Core Group of Registers on Disinvestment for privatisation. According to sources, Central Bank of India and Indian Overseas Bank are likely campaigners for the privatisation. rnThe Banking Laws (Amendment) Bill, 2021, to be introduced during the session is anticipated to bring down the minimal government holding in the PSBs from 51 per cent to 26 per cent. In the last concluded session, Parliament passed a bill to allow privatisation of state- run general insurance companies. rnThe General Insurance Business (Nationalisation) Amendment Bill, 2021, removed the demand of the central government to hold at least 51 per cent of the equity capital in a specified insurer.