UFBU Protests Government's Private Sector Push in PSU Banks

The United Forum of Bank Unions (UFBU) on Friday registered a strong protest against the government's decision to allow private sector candidates to fill top positions in public sector banks. The unions argue that this move undermines the public character of national institutions and constitutes a de facto privatisation of leadership roles.

UFBU highlighted that the policy change contravenes existing statutes, including the State Bank of India Act, 1955, and other legislative frameworks established for banking institutions. They insist that alterations to appointment frameworks require legislative amendments and parliamentary debate, not just executive directives.

The unions have demanded the immediate suspension of these revised guidelines and the formation of a joint stakeholder committee to comprehensively review the leadership-appointment frameworks for all public sector banks, ensuring leadership succession within the public banking cadre.

(With inputs from agencies.)