Guwahati, Nov 7: The United Forum of Bank Unions (UFBU), representing nine trade unions of officers and workmen across all banks, has expressed deep concern and strong protest against the remarks made by the Union Finance Minister during the Diamond Jubilee Valedictory Lecture held on November 4, 2025, at the Delhi School of Economics, University of Delhi.

While responding to a student’s apprehension that privatization may restrict banking services to a privileged segment of customers, the Finance Minister appeared to dismiss the concern and instead portrayed privatization in a positive light.

UFBU categorically rejected this narrative and reiterated that public sector banking has been the backbone of India’s financial inclusion, social justice lending, rural outreach, and national economic stability.

“Bank nationalization in 1969 was not symbolic—it fundamentally reshaped the socio-economic foundation of the country. Public sector banks became instruments of inclusive and equitable national development. Before nationalization, banking served only industrial houses and elite business groups. Public ownership opened the doors of credit to farmers, workers, small businesses, women, weaker sections, and rural citizens,” said Rupam Roy, General Secretary of UFBU.

He added, “During recessions, economic shocks, and the COVID-19 pandemic, public sector banks stood firmly with the nation—without fear of collapse or customer exploitation.”

Roy further stated, “From a few thousand urban branches, public sector banks expanded to lakhs of villages. Private banks neither attempted nor intend to serve these regions because rural banking is considered ‘low profit’.”

“Private banks lend only where profits are high. They close unprofitable branches, increase charges, outsource work, and ignore weaker sections. Rural and semi-urban India will face financial exclusion. Critical national obligations such as Jan Dhan, DBT transfers, pensions, and MGNREGA payments are overwhelmingly executed by PSBs, not private banks,” he added.

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