Excelsior Correspondent
JAMMU, Aug 4: All India Bank Officers’ Confederation (AIBOC) extended its support to the agitation by Trade Unions of Public Sector General Insurance Company (PSGIC) against privatisation of general insurance companies.
In a statement issued here, AIBOC said that the Government is not heeding to the strong protests from various corners and wide section of society and is adamant in pursuing its ill-conceived policy of disinvestment and privatisation of Public Sector Undertakings (PSUs).
“In an attempt to privatise GICs, the General Insurance Business (Nationalisation) Amendment Bill, 2021 (GIBNA) has been passed through a voice vote in the Parliament when Parliamentarians were protesting against Pegasus issue which is unfortunate,” the statement read as.
The AIBOC criticised the critical piece of legislation which affects billions of citizens, capable of impacting the social security of people was passed without a semblance of debate. The explanation of the Finance Minister that the Amendment is aimed to allow participation of private players to enhance insurance penetration, to better secure the interests of policy holders and contribute to faster growth of the economy is grossly unconvincing rather misleading.
“It is evident that the private players place their commercial interest far above than serving the common man and the vulnerable section of society,” they alleged.
The AIBOC said that GICs are the backbone of the country securing the financial interest of the common man. The future of the countrymen will be secure only in the hands of Public Sector General Insurance Company, they said.
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