India’s Public Banks Are Its Lifeline: Privitisation Will Ruin Them

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By Moin Qazi

The current crisis in the Indian banking sector led to calls for privatisation of public sector banks (PSB). However, the private sector is no paragon of great virtue. Moreover the faithful supplicants of privatization are ill-informed of the real issues. The huge crowds that throng public banks and put up with various inconveniences indicate the enormous faith that the public has in these banks. The challenge today doesn’t involve providing ultra-sophisticated banking to the 10% upper crust. Instead, the true challenge is to provide basic financial services to India’s 90%, who may not be the source of great revenue to banks. Almost all government pensioners bank exclusively with public banks.

Read the full article at:
https://countercurrents.org/2018/05/27/indias-public-banks-are-its-lifeline-privitisation-will-ruin-them/

JUNE 2018

Vol. 12 - No. 11










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