Importance of public sector banks growing: expert

September 29, 2014 08:37 am | Updated November 16, 2021 05:37 pm IST - Kozhikode:

The importance of public sector banks is increasing day by day even in the era of globalisation, noted economist and former professor of Economics at Hyderabad University Dr. D.N. Reddy has said.

Delivering the inaugural address of the 6 General Council of State Bank Staff Union (Kerala Circle) here on Sunday, he said Kozhikode had a prominent role in the history of struggle against globalisation. It was Vasco da Gama’s arrival in Kappad that triggered the use of the market for colonisation. Uninhibited privatisation was the aim of globalisation, he said.

He said the banking sector was getting increasingly privatised and that it was this that led to the decline of the sector in many parts of the world including the USA in 2008. The decline of the sector would eventually lead to the decline of the nation, Dr. Reddy said, adding it was nationalisation that saved the banking sector in India in 1969.

National convenor of the union M.V. Murali, in his key note address, said the unlimited borrowing of the corporates from the banks in the country and refusal to pay back would lead to a crisis not only in the banking sector, but in the economy of the country.

The Indian Banks Association was refusing to implement timely wage revisions citing this problem, he said, demanding the wage revision should be implemented at the earliest. In fact, the bank employees were heading to protest measures raising the demand, he added.

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