The Hindu Business Line : AIBOC panel holds sitting in Chennai

CHENNAI: The Independent Commission on Banking and Financial Policy, formed at the initiative of the All India Bank Officers' Confederation (AIBOC), held its 4th sitting on Monday at Chennai. The commission heard representatives of the financial sector, trade unionists, intellectuals and farmers' representatives at a public hearing.

It had earlier had its sitting in Bangalore, Kolkata and Mumbai. It will hold its next sitting in New Delhi.

The commission is reviewing developments in the banking sector in the wake of reforms and expressed concern over a number of issues. These include the declining share of rural agricultural sector in institutional credit, the drift towards privatisation reversing the thrust towards social control of banking sector, the progressive abandonment of development banking, and the opening up of banking sector to the entry of multinational banks.

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