BEFI for unified movement against deregulation

The Bank Employees’ Federation of India (BEFI), a pan-India organisation of employees of public sector banks in the country, has stressed on the need for a unified movement and concerted efforts of the employees to subvert the Centre’s alleged move to deregulate and disinvest the PSU banks and financial institutions.

Addressing a massive gathering here at the eight National Conference of BEFI, Tapan Sen, general secretary, Centre of Indian Trade Unions (CITU) said, “The gameplan of the Government of India is to create a dominance of the private sector in the banking system and we have to subvert this disastrous process with a conscious effort. This needs the unified movement and concerted efforts of all employees of banks and financial institutions in the public sector. Our banking unions need to keep themselves updated on the latest moves of the Centre.”

Concerned over the increasing role of outsourcing in the banking system, he said, “Outsourcing is playing a very big role in the functioning of the PSU banks and we have to oppose it tooth and nail.”

He also lashed out at the ruling UPA government, blaming it for the spiraling prices of essential food commodities.

Price rise has hit the bank employees and the common man hard and it is the fall out of the counter-productive economic policies of the present UPA government, he stated.

He alleged that price rise has been created deliberately by the UPA government to fuel speculation in the commodities market and raise profits of the corporate traders.

Sen took a dig at the Micro Finance Institutions and stated that the services offered by these institutions can also be provided by the PSU banks.

Speaking on the occasion, C H Venkatachalam, convenor of United Forum of Bank Unions said, “The economy, especially the public sector banks, has been feeling the negative impact of the economic reforms process which promoted Liberalisation, Privatisation and Globalisation. This has led to the accumulation of wealth in a few hands.”