Here's why Communist Party of India opposes privatisation of PSBs

In the year 2000, the Atal Bihari Vajpayee-led NDA I Government brought a Bill in Parliament with the objective to privatize banks

Prominent opposition parties say that they will oppose any move to privatize public sector banks (PSBs). The issue is set to be raised during the Budget session of Parliament, which will resume on March 5.

In July 1969, the Indira Gandhi Government nationalized 14 major banks. In 1980, another six banks were nationalized. The Communist Party of India (CPI) had played a key role in the 1969 decision and continues to oppose any de-nationalisation of PSBs.

“All the banks were in the private sector at the time of independence. As India adopted planned development, funds were required for long-term projects