The present UPA II government headed by Dr. Manmohan Singh and the Congress party with Sonia Gandhi as chairperson are in a mad rush to disinvest and privatise almost all the public sector units as part of their neo-liberal policies. Department of Disinvestment is working 365/24 hours with this ‘urgent mission’.
But things were different decades back and especially immediately after India got independence. New PSUs were constituted for the growth of infrastructure and manufacturing units. And many private companies in the insurance, banks, oil etc. were converted in to PSUs. That is how in 1969, on 19th July, 14 private banks were nationalised by Prime Minister Indira Gandhi.They are Indian Bank, Bank of India, Canara Bank, Punjab National Bank, United Bank, Syndicate Bank, Corporation Bank, Punjab and Sind Bank, Union Bank of India etc.
Now the Government is trying to merge, privatise or weaken these banks in order to help the Multi-National Banks. There is a move by the big business to start their own banks also so that they can cheat the people as they did earlier.
But the Bank workers are ready to face the challenge and fight back.
My Greetings to all the bank workers on this day of Nationalisation!