Ex FM Supports Public Sector Banks,Says Private Sector is Full of Scandals

Golden words for Public Sector Banks, Union minister Piyush Goyal batted for PSBs and siad that privatisation is not the panacea for all the ills facing the economy as the private sector is plagued with more scandals than their state-run peers.

Chairing a panel discussion at an India Today event here this evening, he said, “there are more scandals in private banks today than we have in public sector banks. There are more scandals coming out of private sector companies and private sector-run non-banking finance companies and housing finance companies.

“Our government is trying to clean up the mess. So I don’t think privatisation is the panacea for all the problems we face,” he said.

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“They are the reason behind the national infrastructure we have across the country be it power plants or others. No private banks has given money to young entrepreneurs to start businesses but government banks that stood by them,” Goyal said.

“Public sector banks have done huge work for the country, while their private sector counterparts are looking at cozy lending to very, very safe borrowers and not to the poor farmers.

“We must and continue to support the public sector and it’s time to recognise their role in nation building. But this does not mean that we should not privatise or disinvestI support disinvestment as well, Goyal concluded.

Highlights:

1. Private Banks have more scandals today than PSU Banks.
2. Most Scandalous things are coming Up from Private Banks, HFCs & NBFCs.
3. Privatization is not the panacea of all the problems in Banking Sector.
4. Public Sector Banks are reason behind India Developed So Much in every field like infra, power, manufacturing, real estate.
5. PSU banks helped & backed Indian entrepreneurs through thick n think & helped them to grow.
6. No private Bank provide loans to young entrepreneur who wanting to start business, it’s the Govt Bank who stood By.
7. It’s public Sector Banks who have taken risk in even remotest projects of this country & helped but not private bank.
8. Private Banks only lending to cozy comfortable retail lending, served those who paying high taxes not to poors & Farmers.
9. We Must Continue to support Public Sector banks if India want to grow Further.
10. *Hats off to these Public Sector Bankers.*