Bhubaneswar: The government has allowed all private banks to do business. The decision was opposed by a group of four bank officials. AIBOC, AIBOA, IN4BOC and NBOBO have issued a joint statement opposing the government’s decision. This is news that shocks the entire banking industry, ”the unions said. During the meeting, Finance Minister Nirmala Sitharaman tweeted that it was “most worrying” that private banks would be treated as equal partners in the country’s development. While there is no pressure on private banks in the areas of priority sector loans, opening of bank branches in rural and semi-urban areas, agricultural loans, etc., state-owned banks are abiding by the rules in the field. Government banks have opened more public funds than private banks. Government banks are weaker than their domestic rivals as they lend to the priority sector at low interest rates. “Private banks will be allowed to operate more and more funds will reach them and their profits will increase in the value of the poor,” the statement said.
