Historically, the push for bank privatization which has gathered momentum with a rising tendencies to take to neo-liberal policies. The arguments for privatization have been put forward time and time again, depending on economic circumstances. As international finance capital demands outright privatization to control financial resources and popularizes the conception of social interest best served through free finance, the NPA crisis in India has become the justification today.

* This article was originally published in The People's Democracy on June 10, 2018.