Bank Unions observe strike against Nayak report

Jamshedpur: Protesting against recommendations of the P J Nayak Committee on corporate governance in public sector banks, various bank employees� associations of the city declared they would oppose any attempt to privatise state-run banks during a nationwide strike on Friday.

Members of Singhbhum District Bank Employees� Association put up a demonstration before Indian Bank, Bistupur. Those present during the demonstration included DN Singh, SK Dasgupta, Jitish Khavas, Subri Ghosh, Heera Atkan and Swapan Kumar Adak.

Last week, an RBI working committee headed by former Axis Bank chairman P J Nayak had suggested the government to cut its holding in public sector banks to below 50 per cent.

�Five national organisations representing 10 lakh bank employees and officers are opposing the Nayak Committee recommendations which are aimed at destroying the character of public sector banking,� Maharashtra State Bank Employees� Federation general secretary Vishwas Utagi said in a statement.

The five bank associations, namely All India Bank Employees� Association (AIBEA), All India Bank Officers� Association (AIBOA), Bank Employees� Federation of India (BEFI), Indian National Bank Employees� Federation (INBEF) and Indian National Bank Officers� Congress (INBOC) had earlier declared their plan to hold protest demonstrations across the country today.

Other Nayak panel recommendations include merger of public sector banks, transferring ownership of public sector banks to a �bank investment company�, repeal of the Bank Nationalisation Act and SBI Act, as well as bringing banks under the Companies Act, besides increasing voting rights of shareholders in public sector banks to 26 per cent from 10 per cent.