Privatisation is a bad solution for India’s banking problems. PSBs are the backbone of the Indian economy. These banks have supported major and minor industries, agriculturists, artisans students, middle and poor class people. The PSBs have been instrumental in the success of PM’s call for the opening of Jan Dhan Yojana to crores of poor people. In the international market, our PSBs command respect whereas private banks are ignored. The selling of the PSBs will mean suicide. The PSBs are committed to social obligation whereas private banks’ only motive is making money. The government has managed to merge 14 PSBs in the last four years. This will greatly impact the people of the country. It is determined to dismantle the entire public sector in the country. This is a well-articulated move to make the PSBs sick and create a ground for handing them over at cheap rates to their favoured domestic and foreign buyers. A number of private banks have failed, but there is no such case of any PSB which has failed. Privatisation is a detrimental step for the nation.
