Bank Nationalisation Struck Down this Day – AIBEA

Bank Nationalisation Struck Down this Day – AIBEA

13-2-2017

CIRCULAR No. 28/3/2017/3
TO ALL UNITS AND MEMBERS:

Dear Comrades,

This Day – 47 Years ago on 13th Feb. 1970
Historic 2 Hours strike by AIBEA against Supreme Court
judgment striking down Bank Nationalisation Act
14th Feb. 1970 Banks were re-nationalised again !

We all feel proud that we belong to the mighty movement of bank employees under the inspiring banner of AIBEA. We are also aware that the seven decades of the history of AIBEA are replete with militant struggles against whatever be the challenges. One of the significant struggles conducted by AIBEA has been the pioneering struggle for nationalisation of Banks. After relentless struggles, AIBEA succeeded when on the 19th July, 1969, major Banks were nationalized by the then Government. Even today, this bank nationalisation is considered as one of the watershed decisions in the political and economic events in our country.

But this bold decision to nationalise the private banks was challenged before the Supreme Court by Balraj Madhok, MP of the then Jan Sangh party (now known as BJP) and M R Masani of Swathantra Party. Famous communist and trade union leaders Com A K Gopalan and Com Sushila Gopalan filed petitions in defence of nationalisation of banks. AIBEA also filed a petition in defence of the Ordinance. The then famous communist leader Com Mohan Kumaramangalam argued the case in the Supreme Court. However on 10th February, 1970, Supreme Court struck down the Act on technical grounds.  AIBEA Office Bearers immediately met on 11th February, 1970 and gave the call for protest actions all over the country and demanded re-nationalisation of Banks by promulgating a new ordinance. Powerful demonstrations were held across the country on 12th February, 1970 condemning the judgement.

Glorious 2 Hours strike on 13th Feb. 1970 : AIBEA also gave the call for a lightning strike for 2 hours on 13th February, 1970. This strike was a roaring success.

Banks re-nationlised: As a consequence of this powerful reaction and instant strike action, Government promulgated a fresh ordinance on 14-2-1970 re-nationalising the Banks.

This is an unforgettable part of AIBEA’s golden history.

Since then, our nationalised Banks have made tremendous strides and impressive growth and today our Public Sector Banks are the backbone of the Indian economy.

But, today we find that attempts are afoot again to privatise these Banks and hand them over to private corporate vested interests. The people who opposed bank nationalisation in those days are in power today. No wonder their agenda is to privatise the Banks.

Let us recall the militant strike action on 13th February, 1970 and renew our pledge to intensify our struggle against any attempt to privatise our Banks.

March on to 28th February, 2017 All India Bank Strike opposing the bank privatisation moves.

With greetings,

Yours comradely,
C.H. VENKATACHALAM
GENERAL SECRETARY

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