As part of their protest over the Banking Law (Amendment) Bill, which ‘focused’ on industries in issuing loans by ‘neglecting’ other sectors like education and agriculture, the United Forum of Bank Unions has decided to go on a one-day nationwide strike on August 5.
“There should be proper prioritisation in setting up interest rates as the country’s future lies equally in agriculture and education, as it does in industries,” Mr C.H. Venkatachalam, General Secretary, All India Bank Employees Association, told reporters here.
Alleging that people from poorer sections of the society, including farmers, who were in need of urgent financial assistance, were being neglected by banks, he said loans up to Rs 70,000 crore were being given to micro-financing companies.
Moreover, interest rate for agriculture sector was nine per cent and that of education 12 per cent, while industrial units were also being charged the same rate, he said.
More than half of the bank branches were in villages and smaller towns and aiding in development of the village economy and increase in employment opportunities as also agricultural growth should be among the main responsibilities of the banks, he said.