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AIBOC urges Govt to roll back reforms plan

Our Bureau

KOLKATA, July 14

THE All-India Bank Officers' Confederation (AIBOC) has urged the Government to roll back what it has called ``anti-national and anti-employee'' reforms programme for the banking industry.

Mr S.R. Sengupta, General-Secretary of AIBOC, said public sector banks had, in the past few decades, especially since bank nationalisation, grown in stature and effectiveness. The Government's drive to privatise the banking sector would be against nation al interest.

He was addressing a seminar on `Globalisation and public sector banking in India', held on the eve of the 32nd anniversary of bank nationalisation.

The Government's agenda was being propelled by various vested interests, including that of international funding agencies, the AIBOC leader contended.

The public sector banks have been symbols of faith and confidence for Indians, Mr Sengupta said. Privatisation would ultimately deprive them of basic banking services.

AIBOC sympathisers, who spoke at the seminar, held that recent developments in the banking sector reflected certain negative aspects of gloablisation. Bank privatisation would help increase the gap between the rich and the poor, it was feared.