General Secretary of AINBOF, GV Manimaran, in his letter to Finance Minister Nirmala Sitharaman, wrote about the PSBs being the only agencies that implement government-sponsored schemes in all seriousness having the objective of serving the underprivileged sector across the country.

According to him, all programs and schemes of the government over the recent years could be implemented successfully, and the contribution of PSBs was immense in this. Whereas the private sector banks are more oriented towards improving their bottom line. Only the PSBs that stood against all odds and were instrumental for the smooth implementation of the opening of PMJDY (Pradhan Mantri Jan Dhan Yojna) accounts and the process of demonetization. Budget announcements pertaining to the financial sector, more particularly those of privatizing two PSBs and one general insurance company and increasing the holding of FDI from 49% to 74% in the insurance sector, came as a rude shock to him.

Urging the Finance Minister to roll back these proposals he said that she was aware that our country could withstand the financial tremors which shook the world a decade back only because the banks here were owned by the government. He urged that the main motive behind the formation of a public sector enterprise is not to earn a profit but to serve the people by providing the necessities.