Though the 11th Bipartite Wage revision of the Public Sector Banks are still pending for more than two years with the reason of higher Non performing assets (NPA), the employees union of the Public Sector Bank, All India Employees Association (AIBEA) geenral secretary has requested the finance minister to merge the defunct Punjab & Maharashtra Co-operative Bank with a Public sector Bank and lift the ban on withdrawal limit.
He said " it is necessary to lift the present ban and order the takeover of this Bank by a Public Sector Bank (PSB). We strongly feel that the City Co-Operative Urban Bank is a fit case for being merged with a Public sector Bank and its present licence should be cancelled forthwith.
Mr Venkatachalamalso appealed to Finance Minister Ms Sitharaman to merge all Co-op Banks into PSU banks to avoid loot of deposits in the hands of political leaders who normally control them and convert the deposits into bad loans and put the depositors in dire financial stress when RBI applies the brakes through Audit and Inspection Department (AID) by applying 35 A restrictions, Make RBI accountable as single window to all depositors in Indian Union rather than dual reporting to RBI and Registrar of Co-op Societies in case of Co-op banks and in the bargain having no accountability with both washing off their responsibilities.
I don't know what to say about AIBEA approach but I believe that at this moment the much needed work is to settle the long pending salary of the bank employees and it is to remind the AIBEA leadership that there are more employees and their dependents suffering due to non settlement of the 11th bipartite as compare to PMC bank. First to look after the hunger of our own house than others.
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