Bank privatisation Parliament has introduced bills on Bank privatisation of some Nationalised Banks, some of which were slated to be merged earlier The interest of depositors is at stake.Depositors asdociations are totally dormant. Should the depositors be not taken into confidence and have their say when the money is their hard earnings. The Bank Unions are protesting to safeguard their own intetests carmouflaging as the voice of depositors .The stiff charges by banks for every facility and now for limited deposits and withdrawals in a month are shocking Depositors voice does not matter as they are not having the force of collective bargaining power . Private banks do not care for small depositors as their motive is profit .Bank employees will have their performance on strict watch and will be held accountable and responsible, which they fear most.Govt does not own the Banks to act unilaterally without hearing the depositors .Why were the Banks Nationalised, then unions were up in arms and now their laments are opposite Most of the malaise facing the Banks is NPA and bad loans . Remember Malaya and other defaulters wete given loans by consortorium of 17 Banks without adequate co lateral security and it was an abuse of power vested in them Has any Bank Execurive a Govt. Nominee as the Director appointed by Govt. faced the consequences?Depisitors even for legitimate,small loans face insurmountable hurdles,delays and documentation and in case of default suject to recovery by auctions.Govt extends help in capitalisations of bad debts, once again from tax payers money In case of merger the insurance cover will be combined into one only.Recently in case of frauds Banks are directing victims to file police complaints while washig their liability completely. It is time to raise questios are Banks safe at all for depositors ? .In moves of Govt to privatisation, merger in Nationalise Banks the depositors are ignored and taken for a sweet ride.Bank Nationalisations had helped small businessman to prosper to own vehicles , houses,and modernise their businesses.and such loans were more secure and recovery almost hundred percent . It is big business sharks that have increased NPA by defaulting on payment Depositors must raise their voice as politicians are known to have coerced B ankers to extend loans even on phones to their cronies .Govt intentions to put depositors at the mercy of private investors is clear. Wonder how the post offices will functions as Banks in near future with privatisation of Nationalised Banks is on active considerations
Nelson Lopes Chinchinim