State Planning Board Vice-Chairman V.K. Ramachandran has warned against the dangers of public sector banks thoughtlessly aping the private sector.
Inaugurating the seventh general council of the State Bank Staff Union (Kerala circle) here on Sunday, Mr.Ramachandran said that achieving social goals such as poverty elimination, universal education, providing food for all and sustainable development do not figure in the priorities of the private sector and hence the public sector that is committed to meaningful social interventions should not blindly imitate the private sector.
Nationalisation of banks was the one significant contribution of India to the world. Post-nationalisation, social and development banking increased and it reached out to areas and sectors that were not covered by banking activities such as farmers, women and the oppressed sections. Public sector banks could do a lot of things that would not have happened otherwise, he said.
Public sector banks could influence the growth of society and hence the slogan should be to strengthen it. Organisations of employees in organised sectors should actively involve in general and social struggles. This is imperative for a social change, he said.
State Bank of India Kerala circle chief general manager S.Venkitaraman was the chief guest. Certain corporate majors have defaulted on loans availed from public sector banks. This would impede the future progress of the nation, Mr.Venkitaraman said.
Union president Philip Koshy presided. All India SBI Staff Federation president V.V.S.R.Sharma, SBI Officers Association general secretary V.Muralidharan, federation senior vice-presidents Ajay N.Badwani, Sidharth Khan, Arun Bagoliwal, and SBI Pensioners Association general secretary John Joseph also spoke.
