The Narendra Modi government at the centre has learnt its lessons from the resounding setback to its policies given by the farmers’ agitation. For now they have decided that discretion is the better part of valour. In the face of mounting resistance from the bank employees they have desisted from introducing the Banking Laws Amendment Bill, 2021 in the winter session. Bank strike on 16 and 17th December was a huge success. Barring some new generation banks in some cities, the shutdown was complete.
The winter session of parliament is beginning on November 29. This session is likely to take up the key financial issue of privatisation of banks. During 2021-22 budget, the Finance Minister Nirmala Sitharaman had announced the privatisation of two nationalised banks and one general insurance company. Accordingly, the General Insurance Business (Nationalisation) Amendment Bill, 2021, was passed in the monsoon session, though the particular insurance company to be privatised had not been identified.