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Bank Unions protest growing NPAs and debt restructuring

The 7-lakh strong All India Bank Employees Association and All India Bank Officers Association on Tuesday observed all India Anti-Bank Merger Day by holding demonstrations throughout the country against the policy of bank mergers envisaged in Central Budget of Central Government.

‘The AIBEA and AIBOA strongly oppose the recommendations of the PJ NAYAK committee as it is an ill-advising repeal of Bank Nationalization Act. 1970 and corporatisation of the banking system in
India,’ stated Vishwas Utagi, Vice-President, AIBEF and General Secretary, MSBEF.

‘The alarming growth of bad loans, NPAs and corporate debt restructuring in the banking industry is killing public sector banks and the accountability and responsibility of top bankers and borrowers must be fixed as precious resources to the tune of 80 lakh crore bank deposits in banks are being mishandled while being deployed in advances and investment,’ he said while asserting that AIBEA and AIBOA would intensify its struggle to save public sector banks in India.

In a letter sent on Tuesday to the secretary of Ministry of Finance, Utagi quoted media reports about proposals to merge some public sector banks including associate banks of State Bank of India and that the P J Nayak Committee appointed by RBI had also recommended merger and consolidation of Banks. The Finance Minister, in his recent Budget speech, had stated that the government had, in-principle, agreed to consider some of suggestions for consolidation of Public Sector Banks, he said.
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