The Bank Employees Unions have strongly opposed the move of the government to grant licences to start banks for the corporate houses. They alleged that the corporates will utilise the banks and the public money for their own benefits.
It is also to be noted that the government had to nationalise the private banks in the 1960s due to bad operating and bad servicing. When the elections have already been declared, the government is trying to issue the licences to favour the corporates.
It is completely wrong and undemocratic on the part of the government to move forward on this issue. The government should desist from this unfair move.