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‘FM concerned on functioning of state-run banks’

Voicing concern over functionaing of public sector banks and selections to top posts in such banks, union Finance Minister Arun Jaitley has said Centre was making efforts to streamline the system.

Policy Pulse
Publish Date: Mar 24 2016 8:47PM | Updated Date: Mar 25 2016 12:43PM

‘FM concerned on functioning of state-run banks’

Voicing concern over functionaing of public sector banks and selections to top posts in such banks, union Finance Minister Arun Jaitley has said Centre was making efforts to streamline the system.

 

In a statement issued in Chennai , All India Bank Employees' Association (AIBEA) general secretary C.H. Venkatachalam said Jaitley expressed his concerns when a union delegation met him in New Delhi on Wednesday.

 

Finance Minister also spoke on the need to consolidate banks to protect the weak government banks, said Venkatachalam.

 

Union members drew Jaitley's attention to the problems faced by the employees in associate banks of State Bank of India (SBI).

 

"We also conveyed our views about the need to delink associate banks from the SBI," the AIBEA leader said.

 

The five associate banks are State Bank of Mysore, State Bank of Patiala, State Bank of Hyderabad, State Bank of Travancore and State Bank of Bikaner and Jaipur.

 

On the issue of privatisation of IDBI Bank, the delegation told the finance minister that the main reason for the bank's problems was its huge bad loans.

 

The union urged him for a thorough inquiry in the matter and fixing of responsibility.