Pics: Meryick D'Silva
Daijiworld Media Network — Mangalore (MD)
Mangalore, Jul 20: The Karnataka unit of Bank Employees’ Federation of India urged the central government to stop the privatization of public sector banks in a press meet that was organized on Saturday July 19 at Press Club here.
The joint secretary of the state branch B M Madhava gave a call to save the banks.
He said, “After the nationalization of banks, the public sector banks have performed remarkably well. They have withstood the global financial meltdown in Western countries and Europe wherein major financial institutions of these countries had to be shut down and still not a pie of any depositor in our country was affected. A report of RBI shows that as of March 2012, the complaints per branch of the public sector banks is less than that of private banks as well as foreign banks.”
“As a motive to earn more profits for the banks, the government, along with the management of the banks, is trying to unsettle the basic architecture of the banks by paving the way for privatization. Already, some of the services have been outsourced and the central government has reduced its holdings to 51 percent,” said Madhava.
“This will only hamper the basic principles of Indian banking and take away the power to face the global crisis. The union, along with some of the political parties in the Parliament and others, will fight to prevent the privatization of the banks,” he added.
State committee members Rajesh Achar and B V Giri were present on the occasion.