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Drop neo-liberal reforms: BEFI

Special Correspondent

THIRUVANANTHAPURAM: The Bank Employees Federation of India (BEFI) has called upon the government to give up the neo-liberal banking reforms being implemented in the country in the light of the current crisis in the global financial and banking sectors.

A resolution adopted by the State-level office-bearers’ meeting held here on Saturday said there was a lesson to be learnt from the collapse of huge private banks in the U.S. and Europe, which were largely free from any control by the central bank. These banks were engaged in provision of credit at nominal interest rates thus creating the impression of financial well-being. The government had already implemented the recommendations of the first and second Narasimham Committees relating to opening up of the sector to foreign investment.

There had also been attempts to bring down RBI control over banks and to allow new generation banks to function as they pleased.

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