Jamshedpur, Feb 5 (PTI) All India Bank Employees Association (AIBEA) general council member Hira Arkane on Saturday expressed disagreement with the comment by the secretary to the Department of Investment and Public Asset Management (DIPAM) Tuhin Kanta Pandey, who advocated privatisation of public sector banks.

Also Read | Vivo T1 5G Price in India & Specifications Leaked Online Ahead of Its Launch.

Describing Pandey's comments as "unfortunate", Arkane said in a statement here that such a statement was contrary to facts and ground realities.

Also Read | OnePlus Y1S, OnePlus Y1S Edge Smart TVs To Be Launched in India Soon: Report.

The mention of privatisation has created a sense of insecurity among the bank employees related to its stability and most importantly, privatisation would end the reservation policy immediately, he said.

Pandey had stated that privatisation of state-owned banks was not intended to take away jobs but to increase sustainable jobs.

Arkhane claimed that even today the general masses have faith in government institutions as all national and society-oriented works were being implemented through the public sector banks. Youths are seeking government jobs as they feel secure about their future in them.

On the contrary, employment in the private sector is based on "hire and fire policy". Besides, the fundamental issues of nationalized banks such as welfare of masses, uplift of poor and downtrodden, development of small business community and industry would be terminated if privatisation policy was implemented, he claimed.

The sole motive behind privatisation is to earn profit and serve self-interest instead of playing a role for development of nation and society, he observed.

"The government organisations are the backbones of the country's economy whether it is banks, insurance and oil companies or railways", Arkane said and emphasised the need for strengthening and modernising these institutions.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)