Merging of public sector banks is an attempt to transfer losses made by the corporates to the common man-----Revenue Minister E.Chandrasekharan

It is an attempt to transfer losses made by corporates to common man’

Merging of public sector banks is an attempt to transfer losses made by the corporates to the common man, Revenue Minister E.Chandrasekharan has said.

He was speaking after inaugurating the third national conference of the All India State Bank of India Employees Association here on Saturday.

Transfer of losses

“The history of SBI, as well as the history of public sector banks are integral to India’s journey towards a democratic welfare republic. It was upon this platform modern India was built. Profits are now being privatised in India. At the same time, losses are nationalised. Now, we have capitalism for the poor and socialism for the rich. Merging of banks is nothing but transferring the losses made by corporates to the common man. The whole working class of the country should unite to fight this injustice,” said the Minister in his inaugural address.

J.P.Jhawar, chairman, AISBIEA, C.H.Venkatachalam, general Secretary, AIBEA, Former MP Pannian Ravindran, K.S.Krishna, General Secretary, AISBIEA and around 700 delegates from across the country were present at the inauguration. Naresh Gaur, President, AISBIEA delivered the presidential address.

Recession concerns

Naresh Gaur said that the merger plan is not in favour of the bank employees, the economy or the citizens.

“The conference is being held at the time of concerns of recession globally and in our country. Reduced purchasing power and income of common people, price rise, job losses, unemployment, farmers distress, declaration in GDP growth, decline in manufacturing output etc are worrisome. Banking policies must be redesigned with welfare and well-being of the masses in mind. The merger plans are not working in favour of the bank employees or the country’s economy or the citizens. The employees must protest against this unacceptable situation created by the Central Government,” said Mr.Gaur.

The conference will conclude on Sunday with the adoption of resolutions and election of office-bearers.