Harvinder Singh, Senior Vice-President, All India Bank Officers' Confederation (AIBOC) said the proposal and move to bring-down government's stake in IDBI Bank below 50% without any apparent rationale is condemnable as it is with ulterior motives.
"We held peaceful demonstration outside at Venue and handed-over memorandum addressed to RBI governor,” Harvinder Singh told Business Standard. SBI Academy is venue for two-day retreat.
The confederation held an alternative Gyan Sangam last month to dwell on challenges before banks and finalised suggestions for government and regulator’s consideration, he said.
AIBOC has demanded autonomy for board of public sector banks in real sense. The government should strengthen forums like Debt Recovery Tribunal by giving teeth to them and make recovery process faster and less time consuming.
It sought amendment to Indian Penal Code to make willful default a cognizable offence with stern punishment. The promoters and whole time directors of companies which are willful defaulters should be barred from holding public office, AIBOC said.