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KOLKATA: Bank stocks have lost their
sheen and may have to wait a while before the official reforms take off to
bring back some colour. But almost 9 lakh employees of public sector banks are
heaving a sigh of relief as the pending amendment bills and apparent changes in
banking laws propagated by the previous government are likely to be given a
fresh look by the new alliance in power. While the amendment to the Banking
Regulation Act to bring down government stake to 33%, and labour law changes
affecting the PSU banking sector are likely to take a backseat, wage
negotiations pending since end ?02 are expected to be wrapped up within a
couple of months. The All India Co-ordination Committee of Unions in Financial
Sector (AICCUFS), which covers 15 lakh employees from banks, insurance
companies, RBI and other financial bodies, has already had an informal
discussion on the next step to take. ?We
hope to take a final decision in June, when we will zero-in on the
recommendations and changes and forward it to the new finance minister,? Shanta
Raju, convenor AICCUFS and United Forum of Banking Unions (UFBU), told ET. The picture on bank privatisation
happens to be interesting as this contentious issue was referred to a Standing
Committee of the Parliament earlier and was opposed by the Congress and the Left
when the NDA was in power. Most bank
unions, including those with Left leanings and those without it, were of the
opinion that the bill on privatisation of banks would be withdrawn. ?Bringing
down the government stake is against any kind of reform whatsoever. We have
been resisting this all throughout,? said Ashok Datta, convenor, UFBU, West
Bengal. Almost all bank unions, including the
biggest ones like the All India Bank Employees Association, All India Bank
Officers? Confederation, Bank Employees Federation of India and the National
Confederation of Bank Employees under the UFBU had come together to resist the
slashing of government holding at any cost. Asked whether employees were comfortable with a 51% government
stake in PSU banks, Mr Raju said, ?It?s not a question of how much reduction
will be appropriate; rather, the composition of the board with a diluted
government holding will be opposed to directed lending, especially to the
priority sector. We may also initiate a talk on the buyback of equity of banks
by the government.? Mr Datta said, ?We are also strongly
opposed to changes in outsourcing and contract labour and will take up this
issue too with the government. Moreover, the issue of raising interest rates
and implementing criminal proceedings on wilful defaulters will also be taken
up.? While it is still early to predict
the pace of reforms, it remains to be seen whether the 65,000 PSU bank branches
in India will bank their future with the changes by the new power. |