The Centre’s decision to amend the Banking Regulation Act by privatising the public sector banks isn’t fully supportive, considering the facilities and connectivity of the banks for the common and ordinary — apart from financially bailing out private-sector banks at the best of their capacities.
It is difficult to understand why the Modi government’s romanticism for policies and reforms are ill-timed and ineffective. They wreak havoc for those actively engaged and associated with financial institutions illustrated by monumental mishaps and mismanagement of legislative exercises and adventurism.
Be it demonetisation or the GST Bill, everybody is well-aware of how bills are tabled and turned into successive laws minus any arguments, debates, dissent and deliberation. The ruling regime rides high on its masculine majority and sidelines its adversaries for the contempt of being mocked and corrected. Such instances are very much visible in the public memory of how those calling for practical solutions to farmers’ agitation were shamed, and called Khalistanis and deshdrohis by armed forces. The government was inimical to the idea of India doubting the claims and credentials of the citizens.
How will any law in the Parliament be unique if the Opposition and the citizens aren’t encouraged to put forth their statements and stand up for their opinion? Thus, the prospects of bringing change should begin with long sessions where both the government and opposition come together with amicable solutions to the lies and logjam, bringing both the Houses to a screehing halt.
Union Finance Minister Nirmala Sitharaman should thoroughly investigate and introspect if not hurriedly privatising banks by taking everyone in confidence will ensure early redressal of any economic issue later on. Bankers may go on strikes if their demands are not met, taking lessons from the farmers’ movement and shaking the conscience of the current dispensation. New social movements are picking up steam as autocracy, authoritarianism, conservatism and chauvinism curtail India’s democracy to demand equitable distribution of resources to the poor, and not the privileged.