Nationalize Private Banks, says Bank Association BEFI in its meeting

- Advertisement -

The 11th all-India Conference of the Bank Employees Federation of India (BEFI) strongly advocated for the nationalization of private banks. Taking place in Chennai from August 12 to 14, the conference also emphasized the need for legal action against corporate entities that default on bank loans.

With over 600 delegates representing public sector banks, private banks, rural banks, cooperative banks, the Reserve Bank of India, and NABARD banks from 23 states, the conference addressed critical challenges in the banking sector and adopted resolutions to combat them.

Debashish Basu Chaudhury, former general secretary of BEFI, spoke on behalf of the conference, asserting that the Union government is weakening public sector banks, paralleling the situation with BSNL and Air India.

Highlighting the pivotal role of public sector banks in mitigating the 2008 global economic recession, he criticized the government’s push towards privatization despite the bankruptcies of privately owned banks like Silicon Bank and First Republic Bank in America.

Chaudhury also raised concerns about the commercialization of state-owned cooperative banks, particularly the impact on rural banks, which provide a significant proportion of loans to rural individuals. He warned against the sale of shares to private entities, which could undermine the original purpose of establishing rural banks.

The conference commenced with a rally on August 12, inaugurated by Tapan Sen, the All India general secretary of the Centre of Indian Trade Unions (CITU). Sen underscored the importance of safeguarding public sector banks as a means to protect a self-reliant economy.

P K Sreemathy, president of the All India Democratic Women’s Association (AIDWA), addressed the women’s conference on August 13.

Throughout the conference, resolutions were passed opposing neoliberal policies and divisive governmental strategies. The conference called for the protection of banks and their employees, the filling of vacancies, and the nationalization of private banks.

Regarding defaulting corporate entities, the conference resolution emphasized the need to reform bailout policies and establish a transparent approach to ensure full loan recovery.

The conference resolved to intensify efforts against those exploiting public funds and causing disruptions in public sector banks. It also stressed the importance of job security for temporary and casual employees, advocating for their permanent employment.

Additional resolutions included the call for extended maternity leave, equitable leave policies, autonomous functioning of the Reserve Bank of India (RBI), and strengthening of financial institutions.

Various speakers urged increased funds for the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme, higher minimum wages, reduced Goods and Services Tax (GST) rates, and improved customer service to counter excessive ATM charges and fines.

The BEFI conference concluded with the election of an executive committee comprising 80 members, with S S Anil as president, Debashish Basu Chaudhary as general secretary, and Sandeep Paul as treasurer.

A pre-conference seminar featured discussions on communalism, scientific temper, climate change, and financial sector reforms, offering diverse perspectives on critical issues facing India.

- Advertisement -

Share this article...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

Bank Manager took Massage inside branch, Video goes viral

Bank Manager took Massage inside branch, Video goes viral

Rs.975 crore Bank Fraud: ED arrests chairman of company in Mumbai

Rs.975 crore Bank Fraud: ED arrests chairman of company in Mumbai

Case filed against SBI Manager in Death of Electrician

Case filed against SBI Manager in Death of Electrician

Funding for Fintech Companies decreased by 99%: Report

Funding for Fintech Companies decreased by 99%: Report

MTNL Defaults on Rs 37.5 crore Loan from Punjab and Sind Bank, Government Steps in

MTNL Defaults on Rs 37.5 crore Loan from Punjab and Sind Bank, Government Steps in

Dividend paid by PSU Banks to Government, Check Bank Wise Amount

Dividend paid by PSU Banks to Government, Check Bank Wise Amount

National Housing Bank Recruitment 2024, Check Vacancies and Apply Online

National Housing Bank Recruitment 2024, Check Vacancies and Apply Online

Scheduled Commercial Banks’ Business in India: RBI Data

Scheduled Commercial Banks' Business in India: RBI Data

FIR against Union Bank Officer for making Fake Marriage certificate

FIR against Union Bank Officer for making Fake Marriage certificate

10 Banks in India faced minor disruptions due to Microsoft Outage

10 Banks in India faced minor disruptions due to global tech outage

Latest News