The Hindu : Tamil Nadu News : Give up FDI proposal in toto: bank officers

Online edition of India's National Newspaper
Sunday, Jun 06, 2004

Tamil Nadu

Tamil Nadu

Give up FDI proposal in toto: bank officers

By Our Special Correspondent

CHENNAI, JUNE 5. Welcoming the assurance by the United Progressive Alliance Government that it would not privatise public sector banks, the All-India Bank Officers' Confederation (AIBOC) has said it will extend "its support and cooperation" in implementation of the Common Minimum Programme.

Addressing a press conference here today, A. K. Jana, president, and Shantha Raju, general secretary, said opening up of the financial sector was a disaster.

They appealed to the government to hold back disinvestment proposals and to buyback the equity sold to the public.

They wanted the Foreign Direct Investment (FDI) proposal in the banking sector totally given up.

The AIBOC wanted the government to bring in legislation to protect trade union rights, particularly the right to strike as provided in the Constitution and urged it to expedite wage revision for employees and officers in the banking industry.

Mr. Raju, who is also the convener of the United Forum of Bank Unions and of the All-India Coordination Committee of Unions in the Financial Sector, urged the government to withdraw all proposals relating to the unions in the name of labour reforms and the amendments to the Banking Regulation Act for reducing the government's equity, and to restrict the spread of contract labour in the name of outsourcing.

Mr. Raju said the fifth state-level convention of the Tamil Nadu AIBOC unit would be held here on Sunday.

A women's wing convention, which began today, would come out with recommendations to the Union Finance Ministry.

Both conferences would take note of the "pro-active and constructive role played by the AIBOC" and initiate steps to redress the bank officers' grievances.

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