Decision to merge nationalised banks violates national law: Civil society seminar told

Prof Jayati Ghosh, Dr Thomas Franco, Sitaram Yechury

By A Representative
Is the Government of India decision to merge 10 nationalised banks without any legal basis? Speaking at a recent seminar organised by the Financial Accountability Network India (FANI), Dr Thomas Franco, former general secretary, All-India Bank Officers’ Confederation, said, “Bank merger is against the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, which stipulates that the consent from board and shareholders is mandatory.”
Several participants in the seminar accused the step as a move to bail out the "struggling corporates", even as pointing out that the Reserve Bank of India (RBI) decision to transfer Rs 1.76 lakh crore to the government as per the recommendations of the Bimal Jalan-led committee would on only "mess up with public finances."
Attended by representatives of civil society organisations, unions, students, teachers and concerned citizens, Sitaram Yechury, general secretary, CPI(M), told the seminar, “The transfer of RBI’s surplus to the government would destabilise RBI, make India vulnerable in an on-going global and domestic recession.” He added, the banks merger was done "at the behest of corporates, who have been demanding this to deal with one bank than the consortium of banks for the loans.”
Jayati Ghosh, professor of economics at the Jawaharlal Nehru University (JNU), asserted, “RBI’s autonomy died in November 2016 when the government declared demonetisation. The present government is the one without any accountability. The economic mess India is in also stems from this.” He added, "RBI’s money will go towards plugging in the holes created by the demonetisation and hastily implemented GST.”
Others who spoke on the occasion included Prof CP Chandrasekhar, professor of economics, JNU; Paranjoy Guha Thakurta, journalist and author; VK Tomar, secretary-general, National Confederation of Officers’ Associations of Central PSUs; and Purushottam Sharma, leader, CPI (ML).

Comments

Gujarat Information Commission issues warning against misinterpretation of RTI orders

By A Representative The Gujarat Information Commission (GIC) has issued a press note clarifying that its orders limiting the number of Right to Information (RTI) applications for certain individuals apply only to those specific applicants. The GIC has warned that it will take disciplinary action against any public officials who misinterpret these orders to deny information to other citizens. The press note, signed by GIC Secretary Jaideep Dwivedi, states that the Right to Information Act, 2005, is a powerful tool for promoting transparency and accountability in public administration. However, the commission has observed that some applicants are misusing the act by filing an excessive number of applications, which disproportionately consumes the time and resources of Public Information Officers (PIOs), First Appellate Authorities (FAAs), and the commission itself. This misuse can cause delays for genuine applicants seeking justice. In response to this issue, and in acc...

A comrade in culture and controversy: Yao Wenyuan’s revolutionary legacy

By Harsh Thakor* This year marks two important anniversaries in Chinese revolutionary history—the 20th death anniversary of Yao Wenyuan, and the 50th anniversary of his seminal essay "On the Social Basis of the Lin Biao Anti-Party Clique". These milestones invite reflection on the man whose pen ignited the first sparks of the Great Proletarian Cultural Revolution and whose sharp ideological interventions left an indelible imprint on the political and cultural landscape of socialist China.

'MGNREGA crisis deepening': NSM demands fair wages and end to digital exclusions

By A Representative The NREGA Sangharsh Morcha (NSM), a coalition of independent unions of MGNREGA workers, has warned that the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is facing a “severe crisis” due to persistent neglect and restrictive measures imposed by the Union Government.

Gandhiji quoted as saying his anti-untouchability view has little space for inter-dining with "lower" castes

By A Representative A senior activist close to Narmada Bachao Andolan (NBA) leader Medha Patkar has defended top Booker prize winning novelist Arundhati Roy’s controversial utterance on Gandhiji that “his doctrine of nonviolence was based on an acceptance of the most brutal social hierarchy the world has ever known, the caste system.” Surprised at the police seeking video footage and transcript of Roy’s Mahatma Ayyankali memorial lecture at the Kerala University on July 17, Nandini K Oza in a recent blog quotes from available sources to “prove” that Gandhiji indeed believed in “removal of untouchability within the caste system.”

Targeted eviction of Bengali-speaking Muslims across Assam districts alleged

By A Representative A delegation led by prominent academic and civil rights leader Sandeep Pandey visited three districts in Assam—Goalpara, Dhubri, and Lakhimpur—between 2 and 4 September 2025 to meet families affected by recent demolitions and evictions. The delegation reported widespread displacement of Bengali-speaking Muslim communities, many of whom possess valid citizenship documents including Aadhaar, voter ID, ration cards, PAN cards, and NRC certification.

'Centre criminally negligent': SKM demands national disaster declaration in flood-hit states

By A Representative The Samyukt Kisan Morcha (SKM) has urged the Centre to immediately declare the recent floods and landslides in Punjab, Himachal Pradesh, Jammu & Kashmir, Uttarakhand, and Haryana as a national disaster, warning that the delay in doing so has deepened the suffering of the affected population.

Saffron Kingdom – a cinematic counter-narrative to The Kashmir Files

By Syed Ali Mujtaba* “Saffron Kingdom” is a film produced in the United States by members of the Kashmiri diaspora, positioned as a response to the 2022 release “The Kashmir Files.” While the latter focused on the exodus of Kashmiri Pandits and framed Kashmiri Muslims as perpetrators of violence, “Saffron Kingdom” seeks to present an alternate perspective—highlighting the experiences of Kashmiri Muslims facing alleged abuses by Indian security forces.

'Govts must walk the talk on gender equality, right to health, human rights to deliver SDGs by 2030'

By A Representative With just 64 months left to deliver on the Sustainable Development Goals (SDGs), global health and rights advocates have called upon governments to honour their commitments on gender equality and the human right to health. Speaking ahead of the 80th United Nations General Assembly (UNGA), experts warned that rising anti-rights and anti-gender pushes are threatening hard-won progress on SDG-3 (health and wellbeing) and SDG-5 (gender equality).

From lazy to lost? The myths and realities behind generational panic about youth

By Bhabani Shankar Nayak Older generations in many societies often describe the young with labels such as “lazy, unproductive, lost, anxious, depoliticised, unpatriotic or wayward.” Others see them as “social media, mobile phone and porn addicts.” Such judgments arise from a generational anxiety rooted in fears of losing control and from distorted perceptions about youth, especially in the context of economic crises, conflicts, and wars in which many young lives are lost.

Counterview

Search This Blog