Criminal probe needed on borrower-banker nexus: C H Venkatachalam

Absence of stringent laws to recover bad loans from wilful defaulters one of the main reasons for huge bad loans facing the banking sector, says All India Bank Employees Association general secretary

Public-sector bank unions had threatened strike on December 27 in solidarity with IDBI Bank employees who have not seen a wage revision since 2012. However, on the management’s assurance before the Chief Labour Commissioner (CLC) that the demands would be met in a month, the strike has been deferred. CH Venkatachalam, general secretary, All India Bank Employees Association, which represents about half a million bankers across private and public sectors, speaks to N Sundaresha Subramanian on this other key issues as stressed assets resolution, insolvency framework and bank mergers. Edited Excerpts:

How did the negotiations before the CLC go? Are you