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BEFI seeks CBI probe into NPA accounts

BEFI seeks CBI probe into NPA accounts
Highlights

Bank Employees Federation of India (BEFI) in its general council meeting held here on Tuesday demanded the Government of India to hold a thorough probe into the Non-Performing Assets (NPA) accounts by CBI and initiate steps to recover the public money from the willful defaulters.

  • Says corporates are resorting to evasion of payment of loans
  • Asks the Centre to nationalise all private banks and oppose banking sector reforms


Hyderabad: Bank Employees Federation of India (BEFI) in its general council meeting held here on Tuesday demanded the Government of India to hold a thorough probe into the Non-Performing Assets (NPA) accounts by CBI and initiate steps to recover the public money from the willful defaulters.

The BEFI General Council said there was nexus between corporate houses and some top executives of banking industry, who with the support of ruling parties, had resorted to evasion of payment of loans. They said this charge of theirs has been vindicated by the arrest of Syndicate Bank Chairman and Managing Director S K Jain by CBI, and probe into IDBI Bank financing to Kingfisher Airlines even after declaring it as a willful defaulter, they said.

The Council also demanded immediate measures to expand banking industry to all the unbanked areas and cater to the financial needs of the people, particularly the small and medium borrowers to achieve real inclusive growth. Government’s recent initiatives to achieve inclusive growth through outsourcing of banking business and allowing corporate houses to establish banks were false and far from truth. History of Indian banking proved that private banks and corporate houses only aim to maximise their profits and confine banking business only to urban and metropolitan areas. Further, BEFI demanded the strengthening of Cooperative Banks, Regional Rural Banks, NABARD and RBI to protect the political freedom and economic sovereignty of the country.

BEFI demanded the Centre to nationalise all the private sector banks and opposes the ‘banking sector reforms’ in the interest of the safety of people’s money and also to strengthen the Indian economy. People’s money kept in banks in the form of deposits could be utilised for people’s welfare and nation building if the banks were in public sector, the Council felt.

It also demanded the Indian Banks Association and government to immediately settle and finalise the wage agreement to bank employees.

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