The Hindu : Andhra Pradesh / Khammam News : Move to restructure commercial banks opposed

Online edition of India's National Newspaper
Monday, Dec 20, 2004

Andhra Pradesh

Andhra Pradesh - Khammam

Move to restructure commercial banks opposed

By Our Staff Reporter

KHAMMAM, DEC. 19. Leaders of the All-India Bank Officers Confederation on Sunday said the move for restructuring commercial banks in the country was not justified.

Addressing a meeting of the local unit of the confederation here, B. S. Ravindra, secretary, AIBOC, Karnataka, said the growth of rural economy owed considerably to the commitment of the banks to reach out the sections that were not yet reached. While helping the country, the public sector commercial banks were also making profits and there was no reason to go for restructuring of these banks. He called for opposing the move, which was not in the interests of people.

G. D. Nadaf, president SBIOA, Karnataka, said regional rural banks were in need of a base for cross funding enabling them to serve farmers and rural artisans. The RRBs must be merged with the sponsor banks if they were to help the rural poor. He said restructuring of public sector banks would be dangerous and the merger of RRBs with the sponsor banks would be the option of a majority.

Wage revision

The meeting also called for implementation of the wage revision agreement reached between the IBA and the UFBU. The details of the agreement could be known only after further discussions between the two sides scheduled to meet on Monday.

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