"Dangers" of privatizing public sector banks loom large, even if Govt of India may have withdrawn FRDI Bill
Counterview Desk A public statement, released jointly by Soumya Dutta of the All-India Bank Officers’ Confederation, Priya Dharshini of the Centre for Financial Accountability, Madhuresh Kumar of the National Alliance of People’ Movements, and Gautam Mody of the New Trade Union Initiative, has argued that, while the Government of India has withdrawn the controversial Financial Resolution and Deposit Insurance (FRDI) Bill, only a batter has been but won the “war looms at large”. Text of the statement: On August 7, 2018, a year after its introduction, the BJP government withdrew the Financial Resolution and Deposit Insurance (FRDI) Bill. Aimed at destroying public sector banks and endangering the public interest, FRDI was introduced last year on August 10. Its withdrawal was achieved after strong opposition from trade unions, especially those of the financial sector, people’s movements, civil society organisations and sections of the middle class. This is a major defeat for the B...