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Karnataka
Fears over increasing FDI in banking sector
By Our Staff Reporter
BANGALORE,
MAY 1.
Fears of increasing foreign direct investment (FDI) and outsourcing of technology-generated work in the banking sector were expressed at the 31st all-India conference of the Karur Vysya Bank Employees' Union here today.
Rajen Nagar, treasurer, All-India Bank Employees' Association, said the opening up of the financial sector had made way for the privatisation of public sector banks. Foreign institutional investors were increasingly investing in public sector banks.
Most of the banks, he said, were outsourcing work generated by the introduction of new technology.
The Minister of State for Primary and Secondary Education, B.K. Chandrashekar, said internationalisation of production and labour had reduced the base of trade unions in the country.
P.T. Kuppuswamy, Chairman, Karur Vysya Bank, also spoke.
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