Karnataka   

Sale of stake of PSU banks draws flak

DAVANGERE: H.V. Rai, general secretary of the Karnataka unit of the All-India Bank Employees’ Association, has criticised the selling of stake of public sector banks to foreign institutional investors (FII).

He said that if this continued, it would ruin banks.

Addressing the conference of trade unions here on Sunday to protest against price rise and the Indo-U.S. nuclear deal, Mr. Rai said that public sector banks had deposits of Rs. 32 lakh crore.

He condemned the failure of the Government to curb hoarding.

He said the situation had become difficult in the country and for the middle class owning houses had become a dream.

H.K. Ramachandrappa, secretary of the State unit of AITUC, said the UPA Government had not managed the economy of the country properly.

He said that people had been put to great hardship because of the rising prices.

He said the failure of the Union Government to implement the Common Minimum Programme was responsible for the troubles.

Mahantesh, trade union leader, came down on the Congress over the nuclear deal.

He said that over 1.3 lakh MW of power was being generated in the country and of it only 2 per cent was nuclear power.

Moreover, generation of nuclear power was expensive compared to hydro-electric power.Huchavanahalli Manjunath, Raitha Sangha leader, said the Swaminathan Committee had stated that farmers be given fertilizer, seeds and power at subsidised rates to promote agriculture. But the Government failed to do that.

H.B. Sharadamma, trade union leader, criticised the failure of the Government to contain price rise.

Hussain, bank employees’ leader, spoke.

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