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STOP FINANCIAL RESOLUTION AND DEPOSIT INSURANCE BILL. Press Release byALL INDIA BANK OFFICERS’ CONFEDERATION

ALL INDIA BANK OFFICERS’ CONFEDERATION
(Registered under the Trade Unions Act 1926, Registration No.:3427/Delhi)
State Bank of India Officers’ Association
04th Floor, SBI Administrative Unit, No. 86, Rajaji Salai, Chennai- 600 001
Phone: 044-25227170 Tel/Fax 044 25227170
E-Mail: aiboc.sectt@gmail.com

Date: 27.06.2017
Press Release

STOP FINANCIAL RESOLUTION AND DEPOSIT INSURANCE BILL.

It’s more likely than apparent now that the Govt. of India is determined and all set to put the shutter down of all the Public Sector Banks, RRBs , Co-Op. Banks and Insurance Companies. The Preamble of the above stated bill illustrates that it is to establish a framework to carry out the resolution of certain categories of financial service providers in distress, to provide deposit insurance to consumers of certain categories of financial services and for designation of Systemically Important Financial Institution of Central Govt. for resolution. The bill covers SBI, Public Sector Banks, RRBs, Co-op Banks, LIC and GIC, which are already controlled by RBI, Finance Ministry and IRDA. The aim appears to give out-and-out power to the authority which will be larger than the prevailing authorities.

MERGER IS ONLY A STEP TOWARDS PRIVATISATION BY D. T. Franco GS, AIBOC

ALL INDIA BANK OFFICERS’ CONFEDERATION (Registered under the Trade Unions Act 1926, Registration No.:3427/Delhi) State Bank of India Officers’ Association 04th Floor, SBI Administrative Unit, No. 86, Rajaji Salai, Chennai- 600 001 Phone: 044-25227170 Tel/Fax 044 25227170 E-Mail: aiboc.sectt@gmail.com 

 Date: 26.06.2017

 Press Release

 MERGER IS ONLY A STEP TOWARDS PRIVATISATION 

 All India Bank Officers Confederation, the largest officers' organization having membership of around 285000 officers vehemently opposes the stand of Govt. of India on merger of Public Sector Banks. This organization has time and again criticized such forced mergers and we will continue to protest such ill conceived plans of merger of Public sector Banks by GOI, Niti Ayog and RBI which can wreck havoc on India’s financial mainstay. Earlier also we condemned the comments made by Sri Urijit Patel, Governor, RBI, in his address at the Kotak Family Lecture at Columbia University in New York, where he advocated merger and acquisitions of PSBs. We can well understand the fact that the merger of public sector banks is a part of the government's broader plan to privatize the public enterprises to attract foreign investment. In 2015, the government announced that it was opening up nine previously restricted economic sectors, including civil aviation, single-brand retail stores, pharmaceuticals and military production, to over 50% percent foreign direct investment and ownership. Government has always understated the efforts put in by the PSBs and its employees to successfully conduct the various ambitious Social Security Schemes of GOI such as Jan Dhan yojna, Mudra, Standup India etc. Very recently, the country has evidenced the exercise of ‘demonetization’ and it was these public sector banks which have burnt midnight’s fuel to make it happen, though whether it is successful or not is yet in question. The brunt of demonetization had been directly encountered by the common men along with the poor Bankers; the pertinent question still remains unanswered; was it worth? RBI is yet to publish the official data on the amount of Black Money recovered, which was the main objective behind ‘demonetization’ as depicted by our Prime Minister. Moreover, it took all these PSBs more than 3 months of hard labour and toil to set right the upheavals which were created by demonetization. The Banks could not lend or recover loans for a few months post demonetization. The GOI seems to be opening the gateway for privatization of PSBs, and quite unashamedly brushing aside the contribution of PSBs in implementation of GOIs various social sector schemes. When the Govt wants to lean on PSBs for support, they have been made to do it forcibly, but when the question of supporting PSBs by pumping in fresh capital to revive their capital base comes at this critical juncture, the govt has cunningly withdrawn, revealing an abominable double cross. Infact, the Public Sector Banks are spending their hard earned money for expenses related to Jandhan, Demonetization, pension schemes, Swachh Bharat Mission, Yoga Day etc.