Southern States - Andhra Pradesh   

Bank union deplores privatisation move

By Our Staff Reporter

KURNOOL July 14. Bank employees, led by the United Forum of Bank Unions, will observe the bank nationalisation day on July 19, according to the president and the secretary of Kurnool district Bank Employees' Coordination Committee, Nagaraju and Karunakar.

They said this year's celebrations assumed importance in the wake of the proposal of the Union Government to introduce the bill paving the way for privatisation of public sector banks in the monsoon session. Mr. Karunakar said they would try to highlight the contribution of the public sector banks for the growth of the country's economy since their nationalisation in 1969. He said the number of bank branches rose from 8,268 at the time of nationalisation to 65,000 today.

The union leaders expressed concern over the move to allow foreign direct investment up to 74 per cent in banking sector. Over a period of time, the public sector banks would go into the hands of foreign investors, he said. he bank employees' unions would mobilise public opinion against the privatisation.

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