Centre of Indian Trade Unions (CITU) denounces the revised consolidated guidelines as per the Govt correspondence dated 4.10.2025 issued by the Secretariat of the Appointments Committee of the Union cabinet to open up the management positions in Public Sector Banks, Life Insurance Corporation of India (LIC) and non-life insurance companies to private sector candidates. CITU urges the Union Govt to immediately with draw it and to uphold the public character of these national institutions to secure the economic sovereignty of the nation.
The CITU expresses its grave concern about serious threat the said guidelines poses to the security and integrity of the Public financial institutions built upon for decades with the finances of common Indian people. Further allowing private sector executives to be considered for the posts of Managing Director, Executive Director, Whole time Director and chairperson through such a consolidated guidelines of Cabinet committee is only a means of serious transgression into the constitutional powers of Parliament and pave the way for their privatization and/or utilizing those premier public sector institution for the benefit of the private corporate class at the cost of national interests and the people.
These public sector financial institutions are statutory institutions established by the statutes enacted by the Parliament exercising the sovereign will of the people through State Bank of India Act 1955; The Banking Companies (Acquisition & Transfer of Undertakings) Acts 1970 & 1980, and the LIC Act 1956 which have the established practice of recruitment to the top posts from the respective industry as a part of internal succession systems. This transparent accountable process of public recruitment shall be done away through these opening up to private players/sector leading to the cronyism.
The Modi led Union Govt, out of its desperation due to the resistance put up by the employees, workers and people’s combative movement against the privatization of public sector financial institutions, has come up with this dangerous and retrograde move to open up the top posts to private sector. This reflects the anti national pursuit of destructive restructuring of the public sector financial institutions by the BJP led dispensation just to benefit the corporates both domestic and foreign in tune with the neo liberal policies. CITU extends its support and solidarity to the employees opposing and resisting the revised consolidated guidelines to defend the public sector financial sector institutions. CITU calls upon the working class movement to strongly oppose such retrograde design of the Govt at the centre.
Issued by,
(Tapan Sen)
General Secretary.
