The profits of the banks are getting evaporated due to enormous provisions towards bad loans:AIBOC

Date: 14/01/2019
Today on 14h January 2019 a massive demonstration in front of Vijaya Bank , Sector 9, Chandigarh by All India Bank Officers Confederation against the cabinet approval of the proposed merger of Vijaya Bank, Dena Bank into Bank of Baroda, respectable wage settlement based on the Charter of Demands, Unconditional and clear mandate, updation of pension and revision in family pension, scrapping of NPS and against the forced mis selling of third party products. More than 600 officers from different banks participated in the demonstration.

Speaking on the occasion Com. T.S. Saggu state secretary of AIBOC (tricity) unit strongly criticized the government against the cabinet approval for the merger of Bank of Baroda, Vijaya Bank and Dena Bank. He said that such amalgamations, consolidations and mergers are unwarranted at this time when there is a need to provide banking facility to the entire people of this great country. The only major problem confronting the banks as of now is the rising bad loans and its adverse effect on the health of public sector banks. The profits of the banks are getting evaporated due to enormous provisions towards bad loans. The present govt. is taking retrograde measures like merger and amalgamation which will adversely impact the economy and affect the banking clientele and banking services besides harming the interest of the workforce. Banks merger in India will systematically lead to cut in job opportunities as it will lead to closure of many bank branches.

He further told the gathering that the Government/IBA is going very slow with regard to the wage revision of the Bank employees and Officers due from 1st of November 2017. He criticized the attitude of the Government / IBA for their lackluster attitude towards the genuine demands of the Bankers and also rejected the meager offer of 8% by the IBA in their meeting held on 30/11/2018. He further briefed the gathering that the only agenda of the Government is to privatize the public sector banks. The net profits are getting reduced only due to huge provisions for bad loans and not due to any reasons attributable to the employees and officers of the Banks. The government is doing little for recovery of huge NPA’s of the Public sector Banks.

Com. Deepak Sharma, Com. Sanjay Sharma, Com. Vipan Berri, Com. Ashok Goyal, Com. Yogesh, Com. Sachin, Com. Harvinder Singh, Com. Balvinder Singh, Com. Rana, Com. Raj Kumar Arora, Com Pankaj Sharma and others were also present.