Modi government on privatisation spree, accuses Congress' Jairam Ramesh

NEW DELHI: Accusing the Narendra Modi government of a being on a "privatisation spree", the Congress on Tuesday said it would oppose the "bank sale bill".

Senior Congress leader Jairam Ramesh said that public sector banks should be ready to face competition and selling them to a select few would be disastrous. This comes amid the Centre's endeavour to privatise two public sector banks.

"Today, 53 years ago, banks were nationalised. It was a transformational change. Now, Modi Sarkar is on a privatisation spree. Public sector banks must be equipped to face competition, but selling them off to a chosen few will be disastrous! Congress will oppose the Bank Sale Bill," Ramesh said on Twitter.

Union Minister Rajeev Chandrasekhar hit back against Ramesh and said, "Congress opposition to strengthening Indian banks is understandable - because of their long dubious record of crony lending and use of Public sector Banks as piggybanks for crony friends and crippling these banks during UPA's Lost Decade".

Source-PTI