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Business Economy


AIBEA condemns ASSOCHAM's demand to privatise banks

AIBEA condemns ASSOCHAM's demand to privatise banks

Hyderabad, Feb 19 (UNI) All India Bank Employees' Association (AIBEA) on Monday condemned the demand of ASSOCHAM to privatise banks.

In a statement, AIBEA General Secretary Ch Venkatachalam said, "Let ASSOCHAM advise their members to repay the bank loans and should condemn Billionaire Jewellery designer Nirav Modi for his cheating the banks."

"It is very strange and interesting that the Associated Chambers of Commerce and Industry of India, the mouthpiece of the industrialists and business houses has suggested privatization of banks in view of the recent fraud in PNB. They have conveniently forgotten the track record of private banks in our country. If private banks are really efficient, why these banks were closed down and merged with others. Most of these banks were merged with public sector banks. PSBs have become the Neelakana Mahadev to swallow the poison of failure of many private banks and it is funny that Assocham is asking PSBs to be privatized now. We understand their greed but they cannot claim that private banks are more efficient", he added.

Mr Venkatachalam also added, "Take the alarmingly increasing bad loans in banks. Who are the delinquents and who are the defaulters? Are all of them not private companies, industrialists and corporate houses ? 12 cases of NPAs have been referred to NCLT for insolvency and bankruptcy proceedings involving Rs. 253,000 crore. Who are they? Are all of them not top private corporate borrowers. Why they did not repay the loans? Is it their efficiency? Should banks be privatized and handed over to these people? In the PNB fraud, no doubt there is an unpardonable sin on part of those officials who have gone out of the way to favour Nirav Modi. But who has tempted them and influenced them ? Is it not private corporate giant Nirav Modi ?"

Take any major fraud in our country. One will see the hand of private corporates in it, the AIBEA General Secretary remarked.



"Let ASSOCHAM not forget that bulk of the loans given by public sector banks are to private corporate houses. If public sector banks are not efficient, why do they avail these loans from PSBs and why have not taken such loans from private banks. Devil should not quote scriptures. We feel to advice Assocham to ask the private sector corporate defaulters to repay the bank loans to the PSBs and condemn NIMO for the fraud he has committed on PNB", he said.

UNI CS SDR 0937

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