Finance Minister:Privatisation of Public Sector Bank may not be accepted Politically

Finance Minister Arun Jaitley speaking to the media after the CBI Court's verdict. Source: The Hindu

“ The privatisation of public sector banks is very challenging decision that may not be accepted politically, ” says Finance Minister Arun Jaitley.



New Delhi: Finance Minister Arun Jaitley on Saturday has confirmed that the idea for Privatisation of Public Sector Bank as a response to the alleged RS 11,400 crore fraud at Punjab National Bank ( PNB ) will not be laid down at present time, as he believe that the move may not be politically acceptable.

Speaking at a business event, he said that despite people view for privatising the public sector banks, the implementation of it would be more challenging as it requires several amendment to the banking laws.

“ This ( privatisation ) involves a large political consensus. Also, that involves an amendment to the Law ( Banking Regulation Act ). My impression is that Indian political opinion may not find favour with this idea itself. It’s a very challenging decision,” he said.



Idea for Privatisation of Public Sector Banks:

On Friday, the President of FICCI ( Federation of Indian Chambers of Commerce & Industry ) Rashesh Shah advised Mr. Jaitley to begin the process of bank privatisation in a phased manner, leaving just two or three public sector lenders. He believe that by privatisation of bank the chances for scam would be reduced.

Assocham has also urged the government to reduce its stake in state-run banks to less than 50 per cent. Business Tycoons like Adi Godrej and Rahul Bajaj also urged on the fact that privatisation is the only way to stop the scam in the public sector banks.


Tightening of law for the perpetrators, says Jaitley:

During the event the Finance Minister blamed the work of the auditor and the sloppy bank management due to which these frauds took place. He urged on the fact that tightening of law against the perpetrators can reduce the chances of these scams to take place.


Speaking for the second time this week on the bank scandal, Jaitley blamed lack of ethics in certain sections of business and said multiple layers of auditing system choose to either look the other way or did a casual job.

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