Public sector banks (PSBs) have lost Rs 2.85 lakh crore due to loan default of 13 companies even after the banks are used to bail out ailing financial firms like Yes Bank and IL&FS, United Forum of Bank Unions (UFBU) said. In a press release, UFBU’s Convener B Rambabu said that the organisation asked for a two-day bank strike on December 16 and 17, protesting against Banking Laws Amendment Bill 2021 and fighting the government’s move privatise PSBs.

According to the statistics given by the UFBU, 13 firms dues were at Rs 4,86,800 crore, and it was resolved at Rs 1,61,820 crore, which resulted in a loss of Rs 2,84,980 crore. He also said that the PSBs participate in most of the centre’s plans and schemes like Jan Dhan Yojana, MUDRA, Swadhan, Pradhan Mantri Awas Yojana and Pradhan Mantri Jivan Jyoti Yojana, etc. The government is moving forward with the Bill in the Parliament to privatise the banks, but bank employees and officers are ready to go to any stretch against privatisation of banks as it is harmful for the nation and its people, the UFBU said.