‘Stop efforts to privatise public sector banks’

The Bank Employees’ Federation of India, Karnataka, has demanded that continued efforts to privatise public sector banks (PSBs) should end. The only problem that needed to be tackled was to end bad debts, it said.

Addressing a press conference here on Saturday, joint secretary of the federation B.M. Madhava said that public sector banks here were not significantly affected during the global economic slowdown.

However, he said that successive governments had been advising reduction of public holdings. He alleged these were attempts to weaken, discredit and disgrace PSBs, and ultimately, hand over banking to the private sector.