• CPI National Council

CPI Supports Bank Employees’ Agitation Against Privatisation of PSBs

The following is the text of the letter written by CPI General Secretary Shri D. RAJA to United Forum Bank Unions supporting the Bank employees’ agitation against privatization of PSBs.



Office Secretary


New Delhi,

March 2, 2021


Com. Sanjeev K Bandlish

Convener, United Forum of Bank Unions,

C/o. State Bank of India, LHO, Plot No.1,

Sector-17A, Chandigarh - 160 017.

Dear Comrade Bandlish,

We received your letter of appeal from the United Forum of Bank Unions seeking support to your demands and strike action against proposed privatisation of public sector Banks.

As you all know, the Communist Party of India has been in the forefront consistently fighting the anti-people retrograde policies of the Narendra Modi government. The party has been strongly opposing the disinvestment policies of the government in general and the move to privatize public sector banks.

No doubt Public Sector Banks are the very vehicles of our economy’s growth and development. PSBs have become the trustees of people’s savings and the repository and depository of the people’s confidence. Public Sector Banks are the reservoirs to irrigate the economic development in our country. Public Sector Banks contribution to make the country’s self-sufficiency is immense as they played pivotal role in all revolutions like green, blue, dairy etc. Public sector Banks not only unshackled the farmers, landless labourers and the rural populace from the clutches of money lenders, but also provided much required credit which made rural India a strong component of country’s economy. Today’s major infrastructural development has the highest contribution from Public Sector Banks.

The Party firmly believes that Public Sector Banks are nation builders. They have humungous value of assets, and lakhs of crores of funds with them. It would be irrational and, rather, mischievous and an ulterior motive to place the huge network of bank branches, infrastructure and assets of Public Sector Banks in the hands of private enterprises/business houses or corporates.

The Party has also been demanding stringent measures to recover the large corporate stressed assets which are the cause of concern to the Banks, including strong recovery laws and taking criminal action against willful defaulters. Government has not exhibited its firm willingness to implement these possible, plausible and implementable measures.

We have always supported the movement by bank employees and their unions to protect the nationalised banks.

We assure you that we will continue to support the banks unions in all your fight against all moves to privatize public sector banks.

We will also advise our Members of Parliament to rise these issues in the Parliament.

Comradely yours,



General Secretary

Copy to: Com. C H Venkatachalam, General Secretary, All India Bank Employees Association, Chennai.

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