Kerala - Kochi   

Bank officers' protest

By Our Staff Reporter

KOCHI, NOV. 23. The State committee of the All India Bank Officers Confederation today protested against the Central Government's decision to permit foreign banks to regularly invest in private banks in the country.

The new policy would facilitate the foreign banks to takeover the private banks of the country. The move would be detrimental to the rural banking sector and lead to reduction of interest rates on deposits. The foreign banks would also be reluctant to allot loans in the agricultural and industrial sectors, said P.B. Thomas, V. K. Jagannathan and V. K. Prasad, leaders of the Confederation.

They also demanded revision of the wage structure of bank employees. The Confederation national conference, to begin in Mumbai on November 27, will discuss these issues, they said.

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