WE ARE AGAINST RETROGRADE BANKING SECTOR REFORMS

Banks in India today have nearly Rs.75 Lacs crores as Deposits representing the hard-earned savings of the people of the country. Hence banking institutions have to be properly regulated.

It is because of these defined regulations and predominantly being under public sector, that our Banking system was saved from the global crisis.

Because of de-regulation and liberal banking policies, many Banks in many countries including in USA and Europe have collapsed.

Indian banks were saved because of our strong regulations and being in PUBLIC SECTOR.

But in the name of Banking Sector Reforms, the Government is taking various steps and measures to liberalise and de-regulate the BANKING SECTOR.

Recently, the RBI has announced in its discussion paper that the Government’s Equity capital in the Banks can be reduced to less than 51% which means nothing but PRIVATISATION of our PUBLIC SECTOR BANKS.

The Discussion Paper also proposes that the Banks may resort to merger of Banks to become international Banks.

Our Banks are meant for our own economic development and hence this is clearly unwarranted.

Further merger has its own adverse implications to the detriment of the employees and officers working in the Banks.

RBI has also issued recent guidelines by which it is proposed to give the Foreign Banks, near national status and even a scope to take over our domestic Banks.

Already, the foreign capital and investments in our Banks have been increasing and now the move is to allow the foreign banks to take over our Banks.

In the name of Reforms, the Banks are also outsourcing the regular jobs in the Banks on contract basis thus increasing the risks involved.

The problems faced in the ATMs on account of outsourcing are there for everyone to see.

The Notice of Strike has already been issued today by UFBU and the details of Agitation Programmes are as under:

05-12-2013 Letters by all Constituent Unions of UFBU and their affiliates addressed to Chairman, Indian Banks Association

06-12-2013 Mass Demonstrations in all State capitals and other major centres

16-12-2013 Badge Wearing

17-12-2013 Mass Demonstrations, rallies, processions at all centres

18-12-2013 ALL INDIA STRIKE – demonstrations, rallies

Comrades, please make the Agitation Programmes and the All India Bank Strike on 18.12.2013 a Grand Success.

Please display OUR SOLIDARITY AND STRENGTH to achieve reasonable Wage Revision AT THE EARLIEST and thwart the anti-public and anti-national moves of the Government in the name of reforms.

Sd. M V Murali, Convener

March to strike on 18th December, 2013
Yours Comradely,

C.H. VENKATACHALAM
GENERAL SECRETARY