Besides, the bank strike the question is whether private banks do all the social duties that public sector banks do.
"Public sector banks are required by law to lend 18 per cent of their loans to farmers. This is how food self-sufficiency is achieved. Public sector banks are at the forefront of lending to small and micro borrowers.
Although public sector banks currently account for 75 per cent of the business, 94 per cent of total customers rely on public sector banks. Wherever the prime minister goes, he is proud to say that his accounts now have 44 crore accounts.
Of this, 43 crore accounts were held by public sector banks. Private banks have provided only one crore accounts. If the public sector banks are privatized, there is a risk that the people in them will close their bank accounts.
But, on the contrary, there are many frauds in the public sector banks at the time of the currency devaluation. How much control do they have?
They lent more than their value when lending land. Thus, it was difficult to repay those loans. These banks made a net profit of 11 lakh crore rupees.
"But the profit was not available to the government. Large sums were lent to corporates and they were written off. Those bad debts were deducted from these profits. That is why the net loss was calculated to be one crore rupees.
How is it right for corporates to set aside the profits of the banks without forcing them to repay the loans they have taken from the banks?.
When the global financial crisis hit in 2008, everyone agreed that the economy was saved because most of the banks in india were in the public sector. 6 crore people have accounts in public sector companies for the 100-day program alone.
Can the co-operative banks do all this work? Why the public sector banks? Public sector banks are giving a lot of loans and causing national losses.
The unions, which are strongly opposed to the amendments, are planning a two-day strike, to give members of parliament a voice and to hold widespread protests.
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