The Hindu Business Line : AIBEA seeks probe into sick banks

The All-India Bank Employees Association (AIBEA), while demanding a probe into the affairs of the banks that have turned red, has said that the merger of United Western Bank and Lord Krishna Bank with a public sector bank would be in the larger interest of the customers and public.

In a statement, the AIBEA General Secretary, Mr C.H. Venkatachalam, has demanded that action be taken against those responsible for the failure and deficiencies of these banks.

The association has threatened to agitate if the Government implements the recommendations of the Tarapore Committee on full convertibility and other suggestions such as reducing the Government's stake in public sector banks to 33 per cent, cutting down the RBI's share in SBI to 33 per cent, encouraging industrial houses to promote banks, converting NBFCs to banks and enhancing the presence of foreign banks.

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