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TRS opposed to privatisation of banks: Vinod Kumar
On the occasion of 53rd Nationalisation of Banks Day, vice-president of the State Planning Board Boinpally Vinod Kumar said the TRS party was strongly opposing the privatisation of banks, as “without public sector banks there is no public welfare”.
Hyderabad: On the occasion of 53rd Nationalisation of Banks Day, vice-president of the State Planning Board Boinpally Vinod Kumar said the TRS party was strongly opposing the privatisation of banks, as "without public sector banks there is no public welfare".
Kumar said the public sector banks play a vital role in the implementation of welfare schemes. "If they are privatised, there will be no public welfare".
Nationalization of banks was done to prevent concentration of wealth in hands of a few private individuals, to mobilise funds for development of economy, to fund and develop agricultural communities depending on industries, agriculture and allied activities, paving the way for large-scale job creation. Expansion of public sector banks balanced the country's economy, he observed.
To mark the day, AP and TS Bank Employees' Federation organised a State conference on 'Nationalisation of Banks - Economic Development' at Gunfoundry on Tuesday. Federation president T Rabindranath, AITUC State general secretary V S Bose, AIBOC leader Fani Kumar, AIBEA central committee members Padma, Samad Khan and others attended.
