Banks to stage protests on 23 May over privatisation report

Chennai: Unhappy with the PJ Nayak Committee panel report suggesting privatisation of public sector banks, five bank employees unions on Tuesday decided to stage nationwide demonstrations on 23 May.

“We oppose the Reserve Bank of India appointed Committee, with PJ Nayak as its Chairman, which recommended privatisation of public sector banks and reduction of government’s capital to less than 50 percent,” said CH Venkatachalam, General Secretary of All India Bank Employees Association (AIBEA) representing employees of public and private sector banks.

“We will take out countrywide demonstrations on May 23,” he added, demanding the rejection of the report.

The report has also recommended merger of public sector banks, ownership of government banks to be transferred to investment companies and public sector banks to be kept out of the RTI Act.

Besides, it suggested that the government issue regulatory instructions to banks, and they be covered by the Companies Act.

“In short, the committee wants removal of government control and banks to be handed over to private hands. To express our strong protest and objection to the Nayak Committee recommendations and to demand rejection of the report. Mass demonstrations will be held throughout the country on May 23,” he said in a statement.

Besides AIBEA, All India Bank Officers’ Association, Bank Employees Federation of India, Indian National Bank Employees Federation, Indian National Bank Officers Congress would also participate in the demonstration on that day, he said.

PTI