AIBOC opposes National Monetisation Pipeline

New Delhi: The All India Bank Officers' Confederation (AIBOC) on Thursday opposed the National Monetisation Pipeline, terming the move as "wholesale privatisation" of public sector assets across all crucial infrastructure sectors.

The bank officers' union urged the Union government to desist from moving along this "disastrous path of selling family silver".

"This wholesale privatisation of infrastructure assets under the garb of 'asset monetisation' is accompanying the disinvestment and strategic sale of entire PSUs across several sectors, including general insurance companies and banks in the public sector, initiated through the Union Budget 2021.

"Such privatisation will only benefit a handful of large corporates while destroying the foundations of our national economy," it said in a statement.

Employees, officers and other stakeholders of public sector enterprises, which collectively serve as the backbone of the economy, are totally opposed to privatisation of public assets in any form, it added.