Banks have a pro-rich bias: BEFI

Raising its concern over the state of affairs in the banking industry, the Bank Employees Federation of India (BEFI) said that the sector has a pro-rich bias and doesn’t display leniency towards ordinary customers. Accusing banks of focussing only on profits and training employees “to dupe the customers with a smile and keep truth in silent mode”, T Narendran, president, BEFI-Kerala region, said only rich customers have benefited from reduced interest rates. BEFI has urged the government to reverse its pro-rich credit policy and extend small loans in rural sectors to empower the masses. According to him, there is no justification in reducing the interest rates on deposits in an economy that is facing a resource crunch.