Banks

Bank unions propose nation-wide stir on July 29

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bank-strikeIn order to lodge protest against banking reforms proposed by the Union Government, United Forum of Bank Unions (UFBU) — a body of nine bank unions has called a nationwide strike on July 29. Around ten lakh bank employees plan to go on strike.

All India Bank Employees Association’s general secretary CH Venkatachalam alleged that Government’s move of going ahead with banking reforms measures like weakening public sector banks, insufficient capital to public sector banks, consolidation and merger of banks, sanction of more licenses to private corporate companies, privatisation of IDBI Bank, allowing more private capital in regional rural banks has triggered resentment amongst the bank unions, prompting them to propose a nationwide strike.

Notably, total bad loans in the bank have gone up to Rs 10 lakh crore. Experts say a majority of bad loans are due from big corporate business houses.

“It seems Government and RBI are in no mood to recover massive bad loans from the corporate. Irrespective of this, concessions are being given to them which is unethical. Huge bad loans are being provided and written off from the profits of the banks and many lenders are forced to show losses, Venkatachalam rued, adding the bank unions want stringent criminal action against defaulters.

Around 7,000 deliberate and willful defaulters owe Rs 60,000 crore to the banks. Even their names are not being published.

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