Andhra Pradesh - Others   

FDI in banking sector opposed

Staff Reporter

Rajahmundry: The Canara Bank Employees Union (CBEU), which is affiliated to the All-India Bank Employees' Association (AIBEA), has strongly opposed 74 per cent of Foreign Direct Investment in the banking sector.

Addressing a press conference here on Sunday on the eve of the diamond jubilee celebrations of the AIBEA, State secretary of CBEU G.V. Sambasiva Rao said that the FDI in the banking sector would give supremacy to foreign private banks and depositors would be directly affected. He said that there was no match between nationalised and private banks, where the services like lesser rate of lending and other facilities being enjoyed by its customers. Mr. Rao said that his union and its central body had already opposed margining of some nationalised banks as it would affect the morale of the employees. He said that the State CBEU had taken up many social service activities on the eve of the celebrations and the local CBEU had donated water drums to the Central Jail.

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