Every year we enter the new year with all hopes and expectations and wish
the new year to be happier. But all of us know that people can be happy
only when the policies of the Government are pro-people. Similarly, workers
can feel happy only if the Government policies are pro-workers. But our
experience is very bitter. Successive Governments have been pursuing
policies that benefit the rich and affect the poor.
It is an irony that while the people of this country came as one and drive out
the British under the leadership of Mahatma Gandhi, these common people
are not the focus of the Government’s policies. It is a matter of shame and
ignominy that the largest number of poor people in the world are in our
country. Constitution says that all are equal before law but in reality, poor
people are still in misery while the rich have become more and more richer.
Whatever be the claim that India is growing very fast, the daily life
experience shows that the benefit of the growth is cornered, rather allowed
to be cornered by a handful making them billionaires and multi-billionaires
while the majority remains below poverty.
We all know that the economic policies pursued by the Government is
responsible for the same. Hence any betterment for the people can be
hoped only if we fight back these policies and ensure pro-people economic
policies.
It is equally an irony that the working class which was in the forefront of the
struggle for freedom and fought against the British rule with huge sacrifices
is also ignored and deprived of its due share. Every labour law and labour
right was fought by the trade union movement and clinched and wrested
after a lot of struggles and huge sacrifices. Worker is the real wealth
creator but today, it is being argued by the rulers that the Corporates are
the wealth creators and the workers are mere andolan-jeevis.
To add fuel to fire, now comes the new Labour Codes. When workers
deserve improvement in the present labour laws, in the name of labour
reforms, open exploitation of the worker is being sanctified. Concession to
the employers is being glorified in the name of Ease of doing Business. Job
generation and job security are crucified. Anti-worker changes in the
labour laws are justified.In the banking sector also, we observe multiple challenges.
On the one hand, the attempts to privatise PSBs continue. Even Finance
Minister openly says that privatisation of banks would not hurt the national
interest. Already the Government is bent on selling IDBI Bank. There are
also media reports on allowing FDI in PSBs upto 49% with equal voting
rights to the foreign investor.
We have already seen Catholic Syrian Bank/CSB Bank taken over by
Canadian investor Fairfax. Lakshmi Vilas Bank has already been sold to
DBS Bank, investor from Singapore. Now, recently, NDB Emirates, the
investor from Dubai is taking over Ratnakar Bank/RBL Bank by investing Rs.
26,800 crores. Government has allowed 20% stake in YES Bank to be sold
to SMBC Bank, Japan. Blackstone from New York has invested Rs.5200
crores in Federal Bank to acquire 10% of share capital. Investors from USA
and Abu Dhabi have invested Rs. 7500 crores in IDFC Bank to acquire 10%
of the share capital.
In Insurance Sector, in the recent winter Session, the Act has been
amended to allow FDI upto 100%.
In RRBs and Co-op. Banks also, it is proposed to allow private capital.
If Banks are privatised, who will buy the Banks? We know that only the
Corporates and capitalists will buy. They will become owners of the Banks
and control the huge precious savings of the people to enrich their own
coffers.
Even today we see continued loot of people’s money where huge corporate
loans of Banks are sold with large haircuts for the Banks. As per the reply
given in the Parliament recently, PSBs have written off Rs. 6 lacs crores in
the last 5 years from 2021 to 2025. The total Operating Profits of PSBS
from 2020-21 to 2024-25 was Rs. 12,03,745 crores while the Net Profit
after provision for bad loans, was only Rs. 5,22,576 crores. Banks are
bleeding and Corporate defaulters are fleeing.
In Banks, employees and officers continue to suffer from heavy workload
due to inadequate intake of clerical staff and non-recruitment of substaff.
PLI Scheme is sought to be tampered with unilaterally and to the detriment
of the bulk of the bank staff. Our genuine demand for 5 Days Banking is
still eluding consent from the Government.
Hence, the year ahead is going to be more challenging. Unless we
REJECT these retrograde changes and intensify our struggles to
RESIST and REPULSE, the hope for a happy new year will only be a
fallacy and fantasy.
We, the people of India, deserve a happy New Year. But then, we have to
fight to achieve it. The fight will be bitter and prolonged. Hence, we need
to be more united and more prepared. To sum up, we need to
strengthen our Unions. Let this be our new year resolve. Let this be
our task.
Yours Comradely,
C.H. VENKATACHALAM
GENERAL SECRETARY
