Circular No.14/VI/2012
December 14, 2012
To:
ALL UNITS / STATE COMMITTEES
Dear comrades,
RETROGRADE BANKING LAW AMENDMENT BILL IS ON THE ANVIL
INTRODUCTION OF NEW BILL TO ENCOURAGE DEFAULTERS
WE HAVE TO PREPARE FOR STRIKE
The present set up of Government functionaries, were the ones who championed the cause of International Monetary Fund prescriptions in the year 1991-92 ie., first decade of Reform process. Due to stringent and continuous campaigns of twin banners during the past two decades, breakneck speed approach of the Government so far was halted. However, the Government who have slender margin in the both houses of Parliament scraped through the FDI in Multi Trade.
Parliament being supreme, enacted bill may become law affecting national economy and banks.
Emboldened by the fractured verdict on FDI, Govt buckling under the pressure of business houses, in the recent session, instead of enacting laws to recover the bad loans from the defaulters, prefer to convert the bad loan as the equity of the lender Bank of that company. Strange way of extending velvet hand approach to corporate defaulters.
Apart from the amendment that are devoid of changes required by public opinion and unions, Govt. of India, Department of Financial Services vide their communication dated 18.09.2012 already set the tone of merger of Banks. Initial exercise is already communicated by some Banks, as already positioned in the year 2005 by Corporation Bank, Indian Bank and OBC.
In a nutshell, Government is in a fast forward move demonstrating their unconcern for the common people and their sentiments. Since the opposition parties cutting party lines stood for the cause of Banking fraternity inside the Parliament and staged walked out, support from outside has to be mounted. Hence, It Is Time To Act. We can’t be silent spectator to the present onslaught on the Banking sector and also on pro-poor Banking policies.
The session will end on 20.12.2012. We are to plunge into action and there is no escape from the reality.
As said by Gurudev Rabindranath Tagore, “if no one comes, walk alone”, AIBOA has to defend the Public Sector Banking, even when other constituents are becoming mute spectators to these developments and UFBU has expressed that their constituents are not ready to respond.
Move on ! Strike Call Awaits you!!
Yours comradely,
/S.NAGARAJAN/
GENERAL SECRETARY
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