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‘Working of PSBs has to be improved to defeat privatisation’

Hyderabad, July 21 (UNI): Former Chief General Manager of State Bank of Hyderabad (SBH) V Viswanathan has felt that in order to defeat privatisation of public sector banks (PSBs), as contemplated by the Centre, the working of the banks has to be improved.

Speaking on ‘Is profitability the only criteria to judge a PSB’ on Tuesday night, he said during the time of Covid pandemic in last year, PSBs did their best as frontline warriors and government schemes have been implemented through it.

Elaborating on what was the core objective when the nationalisation of banks took place, Viswanathan said it was that the banking was not reaching the masses and “we should reach the nook and corner of the country”.

“ATMs were unheard of when the banks were nationalised,” he added.

The former CGM said it was around 8,000 branches in 1969 when banks were nationalised, but it is now more than 1.6 lakh branches. Even now in many villages there are no branches.

He said If PSBs are privatised, there will be rationalization of branches and the branches in rural and semi-urban areas will be closed down and added that Yes Bank, ICICI Bank, Lakshmi Vilas Bank debacle in the recent times highlights very clearly about the efficiency of private sector.

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