Thiruvananthapuram The increase in non-performing assets of public sector banks is creating a financial crisis in the country, All India Trade Union Congress State secretary K.P. Sankaradas has said.
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He was inaugurating a joint State conference of the Central Bank of India Employees’ Union, Kerala and the Central Bank Officers, Kerala, here on Tuesday.
Mr. Sankaradas said a majority of the debts that turned into non-performing assets belonged to huge corporations. Investment in the public sector was intended to lead to the country’s development and livelihood of the people, not for corporates to swindle. Writing off their huge debts as non-performing assets was responsible for the crisis in the banking sector, he said.
Central Bank of India Employees’ Union, Kerala, district unit chairman R. Santhoshkumar presided over the conference.
The conference logo was released by S. Suresh Kumar, and the officers’ union logo by H. Vinod.