Kerala - Kochi   

National banking policy sought

KOCHI: The All India Bank Officers Confederation has urged the government to formulate a national banking policy before proceeding with the proposed changes in the industry.

A resolution adopted at the State conference of the organisation here said that the move for merger of banks would jeopardise the concept of rural banking as it would result in closure of many branches under the pretext of overlapping.

In another resolution, the conference asked the government to refrain from opening up the banking industry to foreign capital.

The uninterrupted entry of foreign capital to the private sector banks would end up in foreigners taking control of these banks.

Kerala would be among the worst hit as old generation private sector banks got 34 per cent share in the total banking business in the State, a release said.

The conference elected P.V. Sivasankara Pillai president, V.K.Prasad secretary and K.Padmanabhan treasurer.

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