Congress to oppose sale of Public Sector Banks

NEW DELHI:  The Congress on Tuesday, declared that it would not aloow the reckless sale of Public Sector Banks (PSBs). The party said that the Modi government is now prepared to totally withdraw from public sector banks, calling this move "an ill-thought-out plan with potentially disastrous consequences."

Supriya Shrinate, a spokesperson for the Congress, said during a news conference that the "The sale of Public Sector Banks and the reckless selling of other key  profit-making assets will be opposed by the Congress. We will advise them to sell the items that took eight years to construct."

The party claimed that when banks were nationalised in 1969, it not only ended the monopoly of a few private lenders but also made sure that banking reached everyone.  State-owned banks do priority lending to sectors such as agriculture and small industries that private banks shy away from.

They have aided in the development of underdeveloped areas and have established branches in far-flung regions of the country where no private banks would go. PSBs are not just financial institutions, they are actually agents of social empowerment.

"However, this fire sale of strategic and profitable assets accumulated over the last 75 years raises several important issues. What caused LIC's disastrous first public offering to lose more than $18 billion, or nearly one-third of its valuation?" Shrinate said.

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