Bank unions in Kerala staged protest demonstrations in front of major branches in district headquarter towns across the State seeking to dump the PJ Nayak Committee’s report, which the unions said recommended privatisation of public sector banks.
Member unions of AIBEA, AIBOA, BEFI, INBEF and INBOC participated in the protest demonstrations.
CD Josson, general secretary of the All-India Bank Employees’ Association, Kerala, said the RBI-appointed Nayak Committee had recommended privatisation of public-sector banks (PSBs) by reducing the government equity to below 50 per cent. It had also recommended the merger of PSBs and transfer the ownership of PSBs to an investment company.
“The committee has called for the repeal of Bank Nationalisation Act, the SBI Act and the SBI Subsidiary Act,” Josson said in a statement. “He said the committee wanted the country to go back to the pre-1969 model of private sector banking.
“We strongly condemn the retrograde recommendations of the Nayak Committee and demand its outright rejection,” he said.