THOOTHUKUDI: Mayor NP Jegan Periasamy flagged off a vehicle rally organised by the Banking Employees Federation of India (BEFI) on Wednesday, to condemn the union government's alleged privatisation and crony capitalism policies. The rally will culminate at Tiruchy on Saturday.
The BEFI, in a statement, said the public sector and cooperative banks have been providing subsidised and low-interest loans for self-employment, new entrepreneurs, and self-help groups. These banks play a significant role in protecting people from the clutches of usurers.
While flagging off the rally in front of the VOC College, Jegan said Chief Minister MK Stalin and his government will support the bank employees' fight against privatisation.
CITU district secretary Pechimuthu said loans worth at least Rs 3 lakh crore were provided to 'big shots' each year for the past nine years. "The banks then waive off these loans claiming them to be Non-Performing Assets (NPA). This working formula of the BJP government has sabotaged the country's economy," he said.
"Of the Rs 172 lakh crore debt owed by India, over Rs 100 lakh crore was added in the past nine years alone, which means every Indian citizen owes a debt of about Rs 1.20 lakh. In the past nine years, Prime Minister Narendra Modi took loans to the tune of Rs 118 lakh crore, which is more than double the total loan amount sourced by the previous 14 prime ministers," Petchimuthu added.
CITU district secretary R Russel, president Petchimuthu, government employees association secretary Murugan, and others were present on the occasion.