Privatisation and mergers in the banking sector of the country will only serve to upset people-friendly banking mechanisms, CPI leader and former MP, Pannian Ravindran has said.
Inaugurating a seminar organised as part of the third national conference of All India SBI Employees' Association, Mr. Ravindran reminded that public sector banks play a key role in nation building, economic growth and employment generation.
The nationalisation of banks in 1969, he added, had spurred economic growth and helped raise the standards of living of the masses, Mr. Ravindran added.
The Union Budget has failed to put forth measures to solve the problems faced by the people , K.S. Sabarinadhan, MLA, said.
