· UFBU opposes attempts to hand over Banks to Foreign Banks
Our attention has been drawn to the statement made by Shri Raghuram Rajan, Governor, Reserve Bank of India in Washington two days ago that RBI will soon announce certain reform measures in the banking sector that will allow foreign banks to enter India in a big way and would even enable them to take over our Banks. He has further stated that he we will allow them near ‘national treatment’.
On behalf of one million bank employees under the banner of United Forum of Bank unions and representing the 9 banking sector trade unions of employees and officers, we strongly oppose any such move on the part of the Reserve Bank of India. In India, our Banks are dealing with the huge, hard-earned savings of the common people and it is most undesirable to allow Foreign Banks to take over our domestic Banks. The obvious objective of the foreign banks coming to India is to earn profit and hence the precious savings of our people would be diverted to risk-prone business and speculative business. While the profit earned by them would be expatriated, any possible loss would be dumped on our shoulders to bear it. Moreover, there are frequent reports of foreign banks deviating from the laid down regulations of our country. In the past, some of these foreign banks were also involved in scams and strictures were passed by the JPC report, etc. Further, these foreign banks have never been guided by priority sector lending and social lending nor do they have a single branch in any rural area in our country.
Our public sector banks are the mainstay and backbone of our economy and every effort should be taken to strengthen our Banks rather than hand them over to these foreign Banks.
We strongly denounce the proposals of the RBI Governor and if any steps are taken in this regard, bank employees would be constrained to express their protest through campaigns and agitational actions including strikes.
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