Press Statement

No Bank Privatisation

The Polit Bureau of the Communist Party of India (Marxist) strongly condemns the BJP government’s publicly announced proposals for privatising all banks, including the State Bank of India. The proposals to bring the government equity below 51 percent, revised criterion to define sickness which will lead to declaration of larger number of industries and factories as `sick’, the proposed massacre of jobs through voluntary retirement scheme for employees and officers in the public sector banks, and the proposed consequential changes in the statue, will hit the last nail on the coffin. These proposals, closely following the introduction of the IRA Bill in parliament, will lead to privatisation of the entire financial sector, which will undermine, even what is left of the self-reliance aspect of our economy, and make it more easily vulnerable to imperialist pressures.

The Polit Bureau of the CPI(M) demands that the Vajpayee government should drop all these proposals and retract from its anti-people’s move.