Bank unions to hold nationwide demonstration against Nayak report
Updated: May 23, 2014 02:49:10pm
Chennai, May 23 (KNN) Various bank employees’ associations are holding a nationwide demonstration today, against recommendations of the P J Nayak Committee on corporate governance in public sector banks, according to All India Bank Employees Association (AIBEA).
Last week, an RBI working committee headed by former Axis Bank chairman, P J Nayak had suggested that the government cut its holding in public sector banks to below 50 per cent.
The RBI had constituted an expert committee under the chairmanship of Nayak, to review governance of boards of banks in India.
The committee submitted its report recently and the RBI asked for comments from the public on it by June 12, 2014.
The five unions staging demonstration are - AIBEA, All India Bank Officers' Association (AIBOA), Bank Employees Federation of India (BEFI), Indian National Bank Employees Federation (INBEF) and Indian National Bank Officers Congress (INBOC).
“Five national organisations representing 10 lakh bank employees and officers will oppose the Nayak Committee recommendations which are aimed at destroying the character of public sector banking,” Maharashtra State Bank Employees’ Federation general secretary Vishwas Utagi said in a statement earlier this week, reports media.
Other Nayak panel recommendations include merger of public sector banks, transferring ownership of public sector banks to a “bank investment company”, repeal of the Bank Nationalisation Act and SBI Act, as well as bringing banks under the Companies Act, besides increasing voting rights of shareholders in public sector banks to 26 per cent from 10 per cent. (KNN/SD)
Last week, an RBI working committee headed by former Axis Bank chairman, P J Nayak had suggested that the government cut its holding in public sector banks to below 50 per cent.
The RBI had constituted an expert committee under the chairmanship of Nayak, to review governance of boards of banks in India.
The committee submitted its report recently and the RBI asked for comments from the public on it by June 12, 2014.
The five unions staging demonstration are - AIBEA, All India Bank Officers' Association (AIBOA), Bank Employees Federation of India (BEFI), Indian National Bank Employees Federation (INBEF) and Indian National Bank Officers Congress (INBOC).
“Five national organisations representing 10 lakh bank employees and officers will oppose the Nayak Committee recommendations which are aimed at destroying the character of public sector banking,” Maharashtra State Bank Employees’ Federation general secretary Vishwas Utagi said in a statement earlier this week, reports media.
Other Nayak panel recommendations include merger of public sector banks, transferring ownership of public sector banks to a “bank investment company”, repeal of the Bank Nationalisation Act and SBI Act, as well as bringing banks under the Companies Act, besides increasing voting rights of shareholders in public sector banks to 26 per cent from 10 per cent. (KNN/SD)
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