AIBEA claimed that while PSBs recorded an operating profit of Rs 15 lakh 97 thousand crores between 2009 to 2021, more than Rs 14 lakh 40 thousand crores were spent on settlement of bad loans
The situation worsened after the Modi government took over in May 2014.
The AIBEA has released the data after analyzing the balance sheets of 12 public sector banks including SBI and claimed that while PSBs recorded an operating profit of Rs 15 lakh 97 thousand crores between 2009 to 2021, more than Rs 14 lakh 40 thousand crores have been spent on the settlement of bad loans.
AIBEA has been at the forefront of leading anti-privatization movement against the Modi government’s attempt to privatize two public sector banks.
The United Forum of Banks (UFB) has led a two-day nationwide strike against the Banking Laws (Amendment) Bill 2021 which AIBEA and other unions believe will pave the way for the privatization of public sector banks in India.
It was widely anticipated that the government may pass Bill in the last two days of the Winter Session. However, due to tremendous public pressure, the Bill has been put off, feel observers.
Finance Minister Nirmala Sitharaman on Tuesday said that no decision has been taken to privatize public sector banks in the Cabinet meet.
“Consideration of various issues related to disinvestment is entrusted to the Cabinet Committee designated for this purpose. The decision by the Cabinet Committee has not been taken in this regard,” Sitharaman told Rajya Sabha after the government failed to strike a deal with the unions, despite holding several rounds of talks with them.