AIBEA opposes banking reforms

The All India Bank Employees Association on Monday said that it will launch an agitation if the Reserve Bank of India proceeds with any proposal allowing takeover of Indian banks by foreign banks. “We strongly oppose the RBI Governor’s proposals aimed at takeover of our banks by foreign banks. These are against our country’s interest,” C.H. Venkatachalam, General Secretary of the association, said.

Banking reforms

The association is opposed to reported statement by RBI Governor Raghuram Rajan in Washington to the effect that the central bank will soon unveil major banking reforms which will entail allowing foreign banks to takeover domestic banks. At present, 80 per cent of the banking sector in India is under public sector, another 15 per cent under private sector and only about 5 per cent under foreign banks. “Foreign banks have never contributed to our country’s economic growth and development. They are interested only in profits and have no role in social banking.

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