Warangal: CPI opposes privatisation of banks

Warangal: The CPI opposes the Narendra Modi-led Central government's move to privatise the two- public sector banks says party's State secretariat member Takkalapally Srinivas Rao. He mentioned that the CPI was extending its support to the United Forum of Bank Unions (UFBU) which called for a two-day nationwide strike beginning on December 16. It is learnt that nearly nine lakh employees are expected to participate in the strike.

Rao mentioned that the privatisation of public sector banks would result in closing the banking services in rural and backward areas, thereafter, it would further affect the implementation of the government schemes which were meant for socially and economically weaker sections.

"The private banks are unlikely to give security to people's money. Public sector banks are safe compared to private banks," Rao said, demanding the Centre to withdraw its plans.