RBI

Get Ready for All-India Strike, UFBU Tells Units, Members

Chennai: United Forum of Bank Unions (UFBU) has asked all its units and members to get ready for an All-India strike against RBI’s provocations of re-privatisation of banks.

The UFBU call comes in the wake of the statements by RBI Governor Urjit Patel and Deputy Governor Viral Acharya suggesting Re- privatisation of PSBs, disinvestment, merger and consolidation, reduction of staff through VRS as a measure to solve the NPA issues.

AIBEA General Secretary C.H. Venkatachalam said here today that United Forum of Bank Unions (UFBU) in its meeting held in Mumbai on May 2 took very serious note of these absolutely unwarranted provocative statements and expessed its total condemnation.

It is unanimously decided to express our protest and demand proper clarification from the government as to whether these statements are as per government policy and decision or are they just personal remarks of these executives.

If there is no satisfactory response from the government, the AIBEA General Secretary said, there will be an All India Strike.

Venkatachalam also said the UFBU will write letters to Union Finance Minister Arun Jaitley and Urjit Patel on the issue besides holding demonstrations across the country on May 9 and at all district headquarters on May 16.

He said RBI is the regulator of banks and instead of suggesting ways and means to recover the loans and strengthen the banks, it is advocating privatization.

“The bad loans are increasing every quarter and it has reached alarming proportion of more than Rs 13 lakh crore. No effective steps are being taken to confront the defaulters and to recover the loans,”said Venkatachalam, quoting the UFBU.

”It is disheartening to note that instead of recovering the bad loans from these delinquents, all types of concessions are being given to the defaulters by the government and bad loans are being sold away at cheaper price. The government is also contemplating various measures to reduce the bad loans in the books of the banks, instead of taking stringent measures to recover them,” the UFBU observed.