Govt’s wrong policies affected bank profits, alleges AIBEA

Tribune News Service

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Haridwar, February 22

The All-India Bank Employees Association (AIBEA), which is organising its 9th annual national conference for the first time in Uttarakhand, began its four-day conference yesterday at Maheshwari Sewa Sadan here. The conference is witnessing representatives from the All-India Bank Employees Association from all states.

Speaking as the chief guest, national general secretary CH Venkatchalam said due to ill-management and wrong loan policies of the Central Government, in past three decades more than 40 private banks had incurred major losses.

Criticising corporates for misusing the loan provided by banks, Venkatchalam said a whopping 75 lakh crore fund was available with banks, but instead of common man, it’s big business houses which use major portion of this money.

“Big corporates or industrialists take loans, which is the hard-earned money of citizens, to start new ventures and companies. Later, they deliberately announce the firms as bankrupt so as to escape payment of loan taken. The loan, provided again to them to revive the bankrupt industry, is also diverted for other ventures. Our banking policies are not made keeping in mind the common man but to suit the corporate and big industrialists only,” alleged Venkatachalam. Representatives from various others states, including Karnataka, Delhi, Andhra Pradesh, Tamil Nadu, Kerala, Uttar Pradesh and Uttarakhand are participating in the annual conference.