Demand to Reverse the SBI-Adani Capital Deal by Peoples' Commission on P ublic Sector and Public Services
https://reclaimtherepublic.co/2022/01/16/demand-to-reverse-the-sbi-adani-capital-deal/ Date: January 16, 2022
The Adani Capital belongs to an industrial conglomerate, which has already gained significant interests in the storage and transportation of agricultural products, particularly food grains. Indeed, the FCI, another large CPSU, for no justifiable reason, has outsourced the same to corporate houses, including the Adani Group. The conglomerate provides end to end supply chain solutions, operates grain silos and other large storage facilities, controls dedicated railway tracks and rolling stock, supplies technology, purchases fresh products, manufactures food products and markets them, in effect forcing the farmers into its fold, a situation that has already caused nationwide concern among the farmers.
We are aggrieved by the fact that the RBI issued such a notification without holding wide-ranging consultations with all stakeholders, especially the farmers. To us, it appears to be part of the concerted efforts off late on the part of the government to bring the small borrowers, including the farming community, within the fold of the corporate business houses – the most recent example being the farm laws that were rolled back finally after a year-long farmers’ agitation.
We believe that the SBI has the capacity to increase farm and MSME credit through its own branches. It can convert its 71,968 Customer Service Points into small branches, which will provide regular employment to youth and increase credit in the rural and semi urban areas.