Press Release of BEFI (Bank Employees Federation of India) on RBI Governor’s invitation to Foreign Investors to take over Indian Banks → We have come across the press reports of Mr. Raghuram Rajan assuring A Washington (USA) audience on last Saturday that RBI shall be coming out, within a few weeks, with major reforms of the Banking Sector allowing foreign investors even to take over Indian Banks. → We are seriously perturbed and agitated, rather alarmed, but not a bit surprised. We are aware of the infamous Report of the Raghuram Rajan Committee (August 2007 – September 2008) on Financial Sector Reforms proposing creation of a comfortable atmosphere for entry of foreign investors. → The entities being invited into our shores were responsible for financial disaster in the wake of financial meltdown in the United States and other advanced economies of the World in September 2008, around time when Mr. Raghuram Rajan submitted his ill-famous Report. → India could withstand the financial tsunami, that shook the world elsewhere, with exemplary resilience, only because of the dominance of a well-regulated Nationalised Banking Sector. → The powers at our centre seem to be keen on killing the goose that lays golden eggs. Even as per a recent report of RBI itself with regard to complaints of banks’ clients received by the Banking Ombudsman, as on 31.03.2012, → Complaints against Public Sector Banks is 0.69 per Branch, whereas in case of Private Banks, it is 2.35 and in case of Foreign Banks, it is 22.34. While reiterating its pledge to continue to fight against all evil machinations of the power combinations at the centre to barter away the economic and financial interests of the Country, BEFI calls upon its members everywhere to get ready for facing the ominous challenge thrown to the very existence of Public Sector Banking and to remain prepared for any sacrifice to save the same as the most Patriotic duty. #RaghuramRajan #RBI #bankingsectorreforms #foreignbanks #IndianBanktakeover
Posted on: Sat, 19 Oct 2013 01:20:24 +0000