Financial Daily from THE HINDU group of publications
Friday, Feb 08, 2002
Financial Daily from THE HINDU group of publications Friday, Feb 08, 2002 |
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Money & Banking
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Trade & Labour Unions Employees to campaign against declining rates Our Bureau
KOLKATA, Feb. 7 THE Bank Employees' Federation of India (BEFI) will organise mass support against the declining interest rates on bank deposits and small savings schemes, in order to launch a country-wide agitation. "The Centre's current economic policy is hurting the common man and benefiting the industrialists the most," said Mr Samir Ghosh, President, BEFI, West Bengal. Mr Ghosh told newspersons here on Thursday that the interest rates on bank deposits had dropped by at least five percentage points in the past few years while the consumer price index had jumped by several hundred points during the same period. "As a result, a number of people, mostly those who had retired and others who depended entirely on their savings, have been badly hit,'' he said. Mr Ghosh apprehended that the interest rates on fixed deposits in banks may drop further. The issue of declining interest rates and other matters such as the privatisation of public sector undertakings, the rise in unemployment and discrimination in disbursement of bank loans would come up for discussion at the forthcoming State conference of BEFI. The West Bengal Minister for Industry, Mr Nirupam Sen, would inaugurate the three-day conference on Saturday. The credit-deposit ratio in the State in 2000-01 was 44.1 per cent as against 45.2 per cent in the year before that. During the same period, the corresponding national averages were 58.5 per cent and 57.1 per cent respectively. Other BEFI leaders indicated that the public sector banks were planning to close more than 2,000 branches by March 2003. Already, more than 2,600 branches had been closed down, they said.
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