Excelsior Correspondent
JAMMU, May 23: A protest demonstration of employees and officers of all Public Sector Banks (PSBs) was held today here at Shalamar Chowk under the banner of Jammu Province Bank Employees Federation (JPBEF) to oppose RBI’s P J Nayak Panel Report on privatization of Public Sector Banks.
While addressing the gathering, Arun Kumar Gupta, general secretary JPBEF, said, “The recommendations of the P J Nayak Committee, which can take us back to pre-1969 model of private sector banking, which are never acceptable to us.”
He said we highly opposed the recommendations of the PJ Nayak Committee, which included privatization of PSBs, reduction of Government’s capital to less than 50 %, merger of PSBs and keeping them out of CVC, RTI Act, etc, transfer of ownership of Government Banks to an investment company, resisting the Government from issuing any regulatory instructions to banks, repeal of Bank Nationalization Act, covering banks by Companies Act. Step down of RBI Nominee Directors in the Banks and increasing voting rights of shareholders from 10 % to 26 %
While speaking, Ashwani Pradhan, president PNBOA, said that they should learn lessons from other countries. He said it is very strange that in the last one decade, when world over many private banks have got into crisis and collapsed, attempts are being made to hand over Government Banks to private hands in India.
Vijay Zutshi, Ganesh Kumar, RK Bamba, Manjit Singh, Sumrita Kher, Vinod Gupta, Nazir Ahmed, TK Tikoo, Dr Muhammad Ashfaq, Gurnam Singh, VK Dutta, Adarsh Gupta, Rama Kant, Narayani Sheria, Avinash Dogra, Pallavi Gupta and Anil Gupta also addressed the gathering.
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