All India Bank officers' Confederation oppose banking reforms

The All India Bank Officer's' Confederation has come out against reforms in banking sector holding that the objective of policy makers was to destroy public sector banks in the country.
Policy of granting licenses to private sector including industrial houses, corporates and promoting liberal entry of foreign banks pose threat of shifting mass oriented banking to "class banking" practiced before nationalization, AIBOC leaders said here today.
Federation General Secretary Harvinder Singh said the new policy would lead to unhealthy competition for capital, resources and talent.
On the commitment of corporate and industrial houses in running banks, he said 59 per cent of the total Rs 2.30 lakh crore Non-Performing Assets (NPAs) in the banking industry was of 'big account holders'.

He alleged that the delay in settling the wage revision of employees in banking sector was to enable the new private and foreign banks to 'pouch' on the experienced employees of the public sector banks.
Singh said the public sector banks in the country survived due to its own strength during the period of global economic crisis. But the current economic slow down world over has started affecting nation's banking sector now.
"A strong political will has to be demonstrated to rescue the banking system," he said.