Reserve Bank of India Deputy Governor K.C. Chakraborty said bank unions have a crucial role to play in making banking a fundamental right. Unions are no longer adversaries of bank management, they are equal stake partners, he said at the All India Bank Employees’ Association’s national conference here on Sunday.
Financial inclusion would bring prosperity to the bank and the society. Consequently, the service conditions of the employees would improve. As more people get integrated with the banking system, the savings habit would develop which in turn would get channelized into investments, leading to increase in economic activities.
Economist Victor Louis Anthuvan said the common man should be permitted to do banking. The rich are the beneficiaries of banking in a system where 80 per cent of the people are left out of it. He also urged the Union government to make an effort to bring out the money hidden in tax havens abroad.
P. Sainath, Rural Affairs Editor, The Hindu, Rajen Nagar, president of All India Bank Employees’ Association, and others spoke.