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The papers have reported a shocking news ! An agreement is made between the Public Sector State Bank of India and the big corporate Reliance Money Infra,an Anil Ambani Company, through which most of the works of SBI are being transferred / outsourced to the latter. Although the agreement is signed on 25th February 2014, it is with retrospective effect from 5th October 2013. It is unbelievable.

SBI is one of the best run Public Sector Bank with good profit and with a best customer service. Its service is appreciated much. I have my own experience to that. Then why the services of the SBI are being handed over to a private corporates whose credentials are doubtful.

Is it because that the reliance could not get the licence to start a bank, that the government is making this gift to Reliance? Is it because not to recruit more employees to SBI? Or is it to maximise profit for Reliance? And this agreement is reported to have been made more than one month earlier, but with out any publicity. No discussion in the Parliament, no debate in the country, every move was secret. Even otherwise is it ethical to take such a decision when a new government is going to come and the General elections are going on.

The ruling UPA government owes an explanation to the people of this country for such an unwanted and hasty decision. I am sure the Bank workers and for that matter the Central and other trade unions will strongly react to this anti-people decision.