[STC-Salt Lake] Bank Privatisation may take a Back Seat, Wage Talks to Get Top Priority

  • From: "Anup Sen, STC, Salt Lake City, Kolkata" <anup.sen@xxxxxxxxx>
  • To: "E-Group STC Salt Lake City" <banknews@xxxxxxxxxxxxx>
  • Date: Tue, 18 May 2004 18:09:51 +0530

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Bank Privatisation May Take a Back Seat, Wage Talks to Get Top Priority

 

Nandini Goswami

The Economic Times

Published on May 15, 2004

 

 

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those with Left leanings and those without it, were of the opinion that the bill on privatisation of banks would be withdrawn.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.

 

 

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