Congress nationalised corruption, Sitharaman slams Rahul Gandhi

Union Finance Minister Nirmala Sitharaman said on Tuesday that not all banks will be privatised and wherever it happens, the interest of the employees will be protected. She said this in New Delhi while addressing the press conference to give the details of cabinet decisions. "The decision of Privatization is a well thought out decision. We want Banks to get more equity... We want banks to meet the aspirations of the country", she said. "Public sector enterprise policy very clearly says that we will continue with PSBs. Interests of the workers will absolutely be protected," she added.

Ms SItharaman also took on Congress's Rahul Gandhi, who has criticised the government's move in a tweet. "GOI (the Government of India) is privatising profit & nationalising loss. Selling PSBs to Modicronies gravely compromises India's financial security. I stand in solidarity with the striking bank employees," Gandhi's tweet read. "Rahul Gandhi has probably outsourced his comments to outsiders. These two liners do not help. I would want him in engage in serious discussion… Rahul Gandhi should think, do homework first and then level allegations against us," the minister said. The Congress, she added, "nationalised corruption... In UPA they were privatising public money".

Referring to Indira Gandhi's decision of nationalising banks in the '70s, Sitharaman said, "Yes, Indira Gandhiji nationalised banks. There was a purpose. I am not getting into whether it was served — fully or partially." "He accuses us of privatising profit when in his government (UPA), they were privatising taxpayers’ money. Privatising taxpayers’ money was what the UPA government did. And, probably for one family’s betterment,” she added.

Sitharaman said that the Cabinet has approved a bill to set up Development Finance Institution (DFI)  with an initial capital infusion of 20 thousand crore rupees.The bill will  be tabled in Parliament during the current Budget Session. DFI is expected to raise long-term funds for infrastructure development projects in the country. She said that the government is looking at a complete professional set up of the DFI and with this professional human resource, the Organisation will rise to the expectation of the market.