AIBOC, NAPM, NTUI have been holding meetings in various regions as a part of the campaign to save public sector banks and to repeal FRDI Bill. As a part of this campaign, a public meeting was organised in Hyderabad by AIBOC and NAPM on the 25th of January 2018. The meeting was attended by bankers and some local civil society groups in Telangana.
The speakers approached the topic from very diverse perspectives making the meeting enriching and interesting. The issue of privatisation of public sector banks was dissected from the prism of governance, the perspective of a common people and the impact such an act will have on the lives of the people.
Prof. K. Nagaeshwar explained the nuances and the threat of FRDI Bill to the public sector banks. He dismissed the very need to have the Bill as India does not have too big to fail banks and concluded that this was another tactic to make people lose faith in public banks and aid privatisation.
Dr Jasveen laid out the problems of governance and accountability by demystifying demonetisation. She drew a parallel with the changing goal posts of demonetisation and the promises of the finance ministry on FRDI and concluded that there is no guarantee that the deposits are safe.
Mr Jeevan Kumar from Human Rights Forum highlighted how most of the legislations are going against the spirit of the constitution. He focused on the rise of crony capitalism and its crippling grip on the institutional process. In relation to NPAs, he pointed out the difference of approach of the banks when it comes to small-scale loans and the large-scale NPAs.
Soumya Dutta, Questioned the very premise that of the development model that has been accepted as the reality which is one of the causes of the banking crisis. He added that as long as this premise of the development model that is forced down is being accepted, we will keep falling into the trap of the capitalist developmental model.
Com.Harshawardan of AIBOC, reiterate the commitment of AIBOC and the measures taken to fight FRDI Bill and also promised to take out further programmes in the Telangana region to build solidarity with other movements.
Priya Dharshini and Rajesh Kumar of CFA contextualised the save public sector banks campaign in the global and Indian context and laid out action points to join the campaign against FRDI Bill and privatisation of Public Banks respectively.
Meera Sangamitra of NAPM facilitated the meeting.