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Privatization of Banks will lead to Destruction: B Vinod

Privatization of Banks will lead to Destruction: B Vinod

B Vinod said that the decision of central government to privatize some public sector banks would lead destruction in the country. He said that the public sector banks had become a source of economic development of the country.

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Hyderabad: Telangana State planning body vice chairman B. Vinod Kumar today said that the decision of central government to privatize some public sector banks would lead destruction in the country. He said that the public sector banks had become a source of economic development of the country.

He demanded the center to immediately withdraw public sector banks (PSU) privatization bill. He made these remarks while addressing a dharna program of the United Forum of Bank Unions held on the premises of Koti based Central Bank of India. Vinod Kumar was the Chief Guest at the dharna program.

Speaking on the occasion, he alleged that the Central government had taken the decision to privatize the banks only to benefit few corporate companies of the country. He said that the public sector banks were not only providing security to the deposits of the people but also offering their services at affordable rates.

He said that nationalization of the banks in the year 1969 had helped the people from remote areas of the country to access banking services. He also said that the nationalization of the banks had provided jobs to thousands of educated youth besides ensuring revolution in the agriculture sector of the country.

Vinod said that the PSUs had also extended loans to weaker sections of the society and small and marginal industrialists. He said that several private sector banks had collapsed and added that the managements of these banks had looted hundreds of crores of public money.

He made it clear that the ruling TRS party was completely opposing the proposed bill of the central government and added that their party MPs would oppose the bill in parliament.

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