Campaign to protect finance sector

The Movement for India’s Financial Independence (MIFI), a collective of banking professionals, political parties and people from various fields, is all set to organise a campaign highlighting the growing non-performing assets in public sector banks and against the attempts by private entities to gain control of these institutions.

Chief Minister Pinarayi Vijayan will inaugurate the national-level campaign at Martyr’s Column at 3.30 p.m. on Wednesday. On July 19, on the 50th anniversary of bank nationalisation, a ‘Mahasathyagraham’ will be held at the same place from 5.30 p.m. to 8.30 p.m.

Addressing a press conference here on Tuesday, MIFI convener and State Planning Board member K.N. Harilal said the independence of the country’s finance sector is intrinsically linked to the country’s own independence.

“Public sector banks began doling out long-term loans for huge amounts to corporates following a policy change by the government. These corporate loans now account for 80% of the NPAs of more than Rs. 10 lakh crore in public sector banks. Now, this is being used as a reason to privatise public sector banks. Through this route, foreign agencies will gain control over our banking and insurance sector, thus paving the way for a new kind of colonisation,” said Mr. Harilal.

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