Reject Nayak panel report on PSU banks, demands bank union

A bank employees' union has asked the government to reject the Nayak committee recommendations on bank privatisation saying the report would not be against national interest.
"The report of the committee, which was appointed by the RBI Governor, deserves to be rejected by all authorities," All India Bank Officers Association (AIBOA) General Secretary S Nagarajan said.
Nagarajan also said that banking should also be brought under Banking Audit Commission identical to CAG.
"We have also written to the President of India seeking his immediate remedial action to safeguard the public sector banking from ever growing bad loans due to various external factors," he told reporters here today.

The committee headed by P J Nayak, former chairman of AXIS Bank, has recommended mainly privatisation of public sector banks by reducing the government equity below 51 per cent, merger of Bank, repealing Bank nationalisation which would be against national interest.