Congress moots adjourn motion notice in LS for discussion on privatization in banking

New Delhi: Congress leader Manish Tewari moved an adjournment petition in the Lok Sabha on Wednesday to examine privatisation in the banking sector and the "government's attempts to weaken the Public Sector Banks (PSBs)." Tewari had also moved an adjournment motion in the parliament on the same issue on Tuesday too.

In a letter to the Secretary-General of the Lok Sabha, Tewari wrote: "I hereby give notice of my intention to seek leave to move a motion for the adjournment of the house's business to discuss a specific matter of urgent importance, namely, at least eight banking unions have called for a strike on December 16 and 17 in protest of the government's attempts to privatise the banking sector. The Banking Laws (Amendment) Bill, 2021 is the most recent attempt."

"Public sector banks serve as the backbone of the Indian economy, promoting financial inclusion for all and providing credit to credit-starved sectors such as village and cottage industries, agriculture, and so on. There have been a lot of significant corporate defaulters who have created NPAs in our public sector banks, and instead of enforcing the regulations against defaulters, the government has allowed them to take huge haircuts on loan repayments through IBC, resulting in billions of dollars in losses for the PSBs. This issue of the government's relentless attempts to weaken the PSBs is a source of concern, and it requires immediate attention in the House "he said.

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