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Fight reforms, says Isaac

Photo: Vipinchandran

Proclamation: A rally organised as part of the seventh triennial State conference of All India Bank Officers’ Confederation in Kochi on Saturday.

KOCHI: Finance Minister T.M. Thomas Isaac has called for the formation of a united forum to fight against reforms that are harmful to the banking sector in the country.

He was addressing the seventh triennial State conference of the All India Bank Officers’ Confederation here on Saturday. Mr. Isaac said mainstream farmers were being excluded from the reforms in the banking sector despite the call for inclusive growth being made at various levels. Agri-business loans extended to multinational companies formed a major portion of the farm sector loans. There was a decrease in the priority sector lending over the years. The number of banks incurring losses too had gone up ever since reforms were ushered in.

The objectives of social banking were being forgotten. Reaction in the stock market should not be regarded as the ultimate reason for adopting changes in financial sector, he said.

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