Privatising national banks unconstitutional: Former SC judge

We all need to voice our protest against this move," Gopala Gowda said

Privatising nationalised banks will affect the country’s growth and is unconstitutional, retired Supreme Court judge Gopala Gowda said.

Speaking at an event to celebrate the 53rd Bank Nationalisation Day on Sunday, Justice Gowda said: "Intellectuals have warned that the privatisation of banks will pose a big threat to the country. Even judges have expressed concern about the government move.”

He said former Prime Minister Indira Gandhi’s move to amend the Constitution to nationalise banks in 1969 has benefited farmers, unemployed youth, women and deprived sections of the society.

"However, the Congress government led by P V Narasimha Rao laid the foundation for the privatisation of the banks. The NDA government at the Centre is only taking the policy forward. We all need to voice our protest against this move," he said.

'Controlled by MNCs'

Retired judge of the high court H N Nagamohan Das said the legislative, executive and judiciary were being controlled by multinational companies as well as rich investors within the country.

"A country should have both the public and private sector, but defence research, development and finance sectors should be under the control of the government. Otherwise, the country's security will be affected," he said.