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Rejecting any move to privatise public sector banks, All India Bank Employees Association (AIBEA) today said P J Nayak committee’s advise to cut stake the government stake in PSBs below 50 per cent showed “poverty of wisdom”.
“It is a sad commentary on the wisdom of this Committee that it has recommended banks to be handed over to private hands at a time when the bulk of the bad loans are attributable to the very same private sector”, AIBEA general secretary C H Venkatachalam said.
More than Rs 4 lakh crore of bad loans are due from these big private corporate and business enterprises. We strongly condemn the retrograde recommendations of the Nayak Committee and demand its outright rejection.
AIBEA in a statement said it will be organise countrywide demonstrations, rallies demanding the rejection of the report. Union will also give a call for strike if the report is not rejected.
Banks deal with people’s money. People’s money should be available for people’s welfare and not for private loot through private control, union said.
