There should be strong opposition to the move of the Government to allow industrial houses to open and operate banks. This is not only completely against the policy adopted by the government but also against the interest of the country itself. It is universally acknowledged that India was not affected by the recession in 2008 seriously only due to the public sector banks. The present public sector banks were private earlier and it was only due to their mismanagement and cheating of the public that they were nationalised. All those crimes mentioned above will be committed again if private banks are opened.
The present issue of allowing industrial houses to open banks is more serious. These banks will be used by the industrial houses to misuse the funds for the industry. All kinds of malparactises will come.
It is therefore very much important that this move should be stopped. All the trade unions and people of this country should protest.