Kochi, May 23 UNI | 2 months ago

Demanding withdrawal of P J Nayak Committee Report recommending total privatisation of public sector banks, Bank Unions held state-wide demonstrations in front of Bank branches in district and town centers in the state.

The protest was called by AIBEA, AIBOA, BEFI, INBEF AND INBOC.

The RBI appointed P J Nayak Committee recommended privatisation of Public Sector Banks (PSBs) by reducing government's capital to less than 50 per cent, merger of public sector banks and transfer the ownership of public sector banks to an Investment Company, All India Bank Employees' Association (Kerala) general secretary C D Josson said in a statement here today.

The Committee had called for repeal of Bank Nationalisation Act-SBI Subsidiary Act. The Committee commends that private ownership of banks will enable taking out PSBs beyond the purview of the directives and guidelines of CVC, CBI, RTI Act, he said, adding it was recommended that henceforth government must not issue any regulator instructions to banks and must not appoint any Directors in Banks and RBI must withdraw its nominee from Bank Boards.

(Posted on 23-05-2014)