Opposing the NDA government's move to "consolidate" banks and "reform" the banking system, AIBEA general secretary C H Venkatachalam said that such a remedy is "worse than the disease"
"In the name of remedy and improving the banking system, successive governments have been trying to pursue banking reforms measures. All of us know that they wish to privatise banks and hand them back to the private sector in the name of reforms," Venkatachalam said at a meeting here.
"They want to make banks more urban, elite-oriented and profit-based. They are willing to write-off huge loans of corporates from hard earned profits of public sector banks but want to improve profitability by outsourcing banking jobs on a contract basis. In short, they want to turn the clock back to the pre-1969 days before nationalisation of banks," he said.
"National savings should be made available for national development and not for private corporate loot. Banking credit should be for empowering people and not for embezzlement by private companies," he said.