Kerala - Kochi   

Bank employees demand white paper on reforms

Staff Reporter

National Organisation of Bank Workers holds dharna

KOCHI: A dharna was held at Menaka Junction here on Tuesday under the auspices of the National Organisation of Bank Workers, affiliated to the Bharatiya Mazdoor Sangh. The protest was held to press the demand that the Union Government bring out a white paper on financial sector reforms.

NOBW general secetary K.R. Poonja said the organisation would hold a mass rally in New Delhi on November 25 and a strike in September to press its demands.

He said the encouragement given to foreign banks to enable them to take over private sector banks through foreign direct investment was a dangerous signal.

Pointing out that public sector banks were created with social objectives, he alleged that profit would be the prime concern of foreign banks.

The NOBW said the credit-deposit ratio of public-sector banks would be adversely affected and priority lendings will suffer a serious setback. Ultimately, banking facilities would be denied to the common man.

Banks will reduce their branches on the viability issue, resulting in less employment opportunities. The banks are already facing shortage of manpower owing to the exodus of staff when the voluntary retirement scheme was introduced in 2001. No survey has been conducted whether core banking solutions are necessary for banks, he said.

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