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Government should not privatize public sector banks: Jairam Ramesh

A demand was raised in Rajya Sabha Friday that the government come out with a categorical declaration that public sector banks would not be privatised.

Raising the issue through a special mention, former Union Minister Jairam Ramesh (Cong) said it was former Prime Minister Indira Gandhi who on July 19, fifty years ago had nationalised 14 private sector banks.

“This had profound immediate implication and had fuelled green revolution and resulted in rural development”, he said, adding it also led to growth of self help groups and catalysed economic growth.

Ramesh said it was the move that saved India from the impact of severe global financial crisis and recently led to the appointment of Managing Director of the State Bank of India as CFO of the World Bank.

I urge the government to come out with a categorical declaration against privatisation of public sector banks”, he said, adding the government should not bring down its stake below 51 per cent holding as private funds had their stakes in banks.

“I urge the government not to go ahead with the privatisation of the public sector banks,” Ramesh added

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