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Business Economy

Interest on FDs should be exempted from purview of IT in budget : AIBEA urges Sitharaman

Interest on FDs should be exempted from purview of IT in budget : AIBEA urges Sitharaman

Hyderabad, Jun 13 (UNI) All India Bank Employees' Association (AIBEA) on Thursday urged Finance Minister Nirmala Sitharaman to exempt interest on Fixed Deposits (FDs) from purview of Income Tax in the budget to be presented in Parliament on July 5.

In a letter to Ms Sitharaman, AIBEA General Secretary Ch Venkatachalam, while giving suggestions and proposals from Banking Sector to the Minister said, Right to Banking should be made a fundamental right and the rate of interest on Savings Bank Deposits needs to be revised upwardly by atleast 2 basis points.

He said the Banks should extend agriculture loan at the rate of 2% per annum (simple). The Banks should extend education loan at concessional rate of interest to the poorer sections of the people, at the rate of 5% per annum (simple) with interest subvention.

Mr Venkatachalam said ll Private Sector Banks should be brought under the Public Sector. The Government should hold full control of public sector banks with 100% equity holding and shall not disinvest its shareholding.

Willful default of bank loans should be declared as a criminal offence through suitable amendment to law, Non-Performing Assets of the Banks have risen phenomenally and hence, the Government should institute more Debt Recovery Tribunals and Fast Track Courts to recover the bad loans, he added.

The AIBeA General Secretary said the Reserve Bank of India should publish the list of defaulters, who owe to the banks more than Rs.1 crore. This defaulters list should be published every six months with updates.

Section 45 of the RBI Act to be suitably amended to provide powers to RBI to publish the name of any defaulter in public interest, he said, adding Bank loan defaulters should be prohibited from contesting in any of the elections to local body, Legislative Assembly, Parliament or to hold any public office of profit. Such of those persons, who hold any such position at present should be made to relinquish their positions, Mr Venkatachalam said.


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