Bank Privatisation: Will the job of government employees be safe only for one year? You too will have the same effect

Bank Privatisation Many reports have come to the fore for the last two weeks. Earlier it was reported that the employees of the two banks which will be privatized, will be offered Premature Retirement i.e. VRS. Now an exclusive report by Bloomberg Quint has claimed that the jobs of the employees of the two banks which will be selected for privatization will be protected for only one year.

According to the report, the government’s think tank NITI Aayog has proposed to the Finance Ministry that the jobs of the employees of the two banks that will be privatized will be promised to be safe for only one year. Let us inform that NITI Aayog has selected banks for privatization and this list has also been submitted to the Finance Ministry. It is known that Central Bank of India, Indian Overseas Bank, Bank of Maharashtra and Bank of India are some of the names whose privatization is being considered.

Fitch said there will be delay in bank privatization

Earlier, Fitch Ratings had said on June 7 that the privatization campaign may be delayed due to the Corona epidemic. Presenting Budget 2021, Finance Minister Nirmala Sitharaman had announced the privatization of two public sector banks and a government insurance company. The government aims to meet the target of privatization within the current financial year i.e. before 31 March 2022. However, Fitch believes that due to the epidemic, this deadline will be extended. The Modi government has continuously disinvested or merged banks during its tenure. In 2017, there were 27 public sector banks in the country which reduced to 12 in 2020. Now it is being reduced to 10.

83 thousand employees to consider VRS

If we talk about premature retirement i.e. VRS, then about 83 thousand employees of two banks can get the offer of VRS. By taking this option, they will not have to lose their job, while the work of privatization of the government will also become easier. The NITI Aayog has been entrusted with the task of identifying suitable candidates for privatization. For this, a high-level panel was constituted under the chairmanship of Cabinet Secretary Rajiv Gauba. Names of eligible candidates will be recommended to this panel to work in private banks.

What will be the effect on customers?

When there is a discussion about the privatization of banks, the question arises in the minds of the customers of the bank that what will be its effect on them. The government has clarified on several occasions that due to privatization, there will be no impact on the jobs of the customers and employees of the bank. The customers will continue to get all the facilities as before and the new management can further expand the service for them. However, the sword has started hanging on the job of bank workers. Despite this, experts in this field say that there will be no effect of privatization on customers.

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