Nationwide bank strike on December 20 - The New Indian Express

Nationwide bank strike on December 20

Published: 19th December 2012 09:50 AM

Last Updated: 19th December 2012 09:50 AM

Banking operations across the state would be crippled on December 20 as the All India Bank officers Association (AIBOA) has given a one-day nationwide strike call to protest against the attempts of the government to hasten amendments to banking laws.

The bankers are opposing the amendments as they would sanctify corporate defaulters in the matter of bad loans. They are also opposing the proposal of the government to bring in grouping of public sector banks for future mergers.

AIBOA general secretary V Anil Kumar said these reforms in the form of amendment bill will make public sector banking serve vested interests of the private and corporates.

He said these amendments would allow more and more FDI in banks and also facilitate unrestricted voting rights to suit their needs.

He said further amendments are being attempted to increase unrestricted voting rights from one per cent to 10 per cent in the public sector, and 10 per cent to 26 per cent in other sectors.

“This would quicken the merger of banks, allowing banks to indulge in speculative forward contract business. The government is also in a hurry to issue licences to the corporate houses to start their own banks and enable them to gobble up public savings,’ said V Anil Kumar.

comments powered by Disqus

Disclaimer: We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the NIE editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.


follow us Mobile Site iPad News Hunt Android RSS Tumblr Linekin Pinterest Youtube Google Plus Twitter Facebook