Financial Daily from THE HINDU group of publications
Tuesday, Dec 20, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 20, 2005 |
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Money & Banking
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Trade & Labour Unions Canara Bank staff oppose mergers, acquisitions Our Bureau
Visakhapatnam , Dec. 19 THE employees of Canara Bank have opposed "the proposals of the Union Government to promote mergers and consolidation of public sector banks, dilution of equity in PSU banks by way of disinvestment and unrestricted entry of FDI into the sector.'' At the sixth State-level convention of the Canara Bank Employees' Union (CBEU) here on Sunday, a resolution was passed to the effect. Mr A.N Balasubramanian, General Secretary of the CBEU and workmen director, said the Government was making all attempts to weaken the public sector banks and promote private banks, both Indian and alien. He said the Government was promising more credit to the farm sector in particular, and priority sector in general, and that would be possible only through the PSU banks and not the new generation private banks or the foreign ones. The attempts to outsource even jobs of permanent nature in some of the banks was causing concern, Mr Balasubramanian said, adding that recruitment had been stopped in banks. He said the bank employees should be given one more opportunity to join the pension scheme. "The anti-labour reforms should also be opposed,'' he said.
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