Govt should not privatise public sector banks: Jairam Ramesh 

Congress leader and former Union minister Jairam Ramesh on Friday demanded that the government should declare that it would not go ahead with privatisation of the public sector banks.

July 19 marks the when former Prime Minister Indira Gandhi had nationalised India’s 14 top banks exactly 50 years ago, in 1969.

Raising the issue through a special mention in the Rajya Sabha, Jairam Ramesh said: "This (banks’ nationalisation) had profound immediate implication and had fuelled green revolution and resulted in rural development", he said, adding it also led to growth of self help groups and catalysed economic growth.

Ramesh said it was the move that saved India from the impact of severe global financial crisis and recently led to appointment of Managing Director of the State Bank of India as CFO of the World Bank.

"I urge the government to come out with a categorical declaration against privatisation of public sector banks", he said, adding the government should not bring down its stake below 51 per cent holding as private funds had their stakes in banks.

"I urge the government not to go ahead with the privatisation of the public sector banks," Ramesh added.