Sir,
This is in reference to the article titled ‘Needed : Privatization of banks’ by Dr. Bharat Jhunjhunwala (Daily Excelsior 6/3/2018), sometimes we jokingly say that one needs to cut off one’s head to get rid of a nagging headache! Ironically, the same sort of logic is now doing the rounds in favour of the privatization of nationalised banks. We cannot deny the fact that it is only the public sector banks that can cater to the needs of the masses who are not well off. But some businessmen, obviously who belong to the very private sector, have created huge bad loans for public sector banks using unscrupulous methods. These holes in the nationalised banks need to be plugged immediately. Unfortunately, some people who always are in favour of disinvestment, are now arguing that public sector banks should be handed over to businessmen in private sector. The logic sounds like that after a burglary in a house, the house owner ought to sell it. And there is no problem if among the bidders for the house, there are some burglars!
Yours etc…
Sujit De
Kolkata
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