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CIRCULAR TO ALL UNITS & MEMBERS
Circular
No.1/VII/2018 January 8, 2018 To: ALL
UNITS / STATE COMMITTEES Comrades, v
SAVE
BANKING INDUSTRY v
JOINT SIGNATURE
CAMPAIGN v
TARGET
– ONE CRORE The
present Government at the centre with the focussed approach is targeting
the “main nerve centre” of
economic activity of our Nation [ie] our Industry, to carry out their plan
of actions. Some of them are -
broadly; 1.
INFUSION OF CAPITAL TO BANKS: The
Government conceded our demand but they are attached the conditions of
reforms [ie] consolidation through mergers etc. 2.
RECOVER THE BAD LOANS THROUGH
STRINGENT MEASURES: In
order to silence the strong voice of the people at large, an amendment to
Banking Regulation Act – “Insolvency and Bankruptcy code” was
brought in. 12 top accounts
amounting more than Rs.2,52,000 crores is pending before National Company
Law Tribunal[NCLT] for adjudication. Through
the NCLT total money will not come back to the Banks but accommodation of
the big defaulters would certainly take place. 3.
ACCOMMODATION OF THE BAD LOAND
DEFAULTERS AND PENALISE THE COMMON MAN / DEPOSITORS: The
earning to a financial Institution is mainly through lending operations.
When the bad loans are increasing, earnings are declining.
To cover the future loss, the exercise of provisioning is taking
place. Small depositors are to
be paid increased rate of interest, to encourage the savings.
But the present position is not favourable to small investors.
In the name of non-maintaining the minimum balance in the accounts,
depositors are penalised by levying charges and the income earned through
this method is more than the real banking transactions. 4.
BRANCH EXPANSION IS THE NEED OF HOUR
NOT BRANCH CLOSURE: We
have proved that the favourite issue of “financial
inclusion” has been brilliantly implemented by Bankmen across the
country thereby nearly 21 crores of accounts have been added with a total
deposit of over Rs.70000 crores. We
need branch expansion to cater the requirements of the common people of
this country. At this point of
time, Government is seriously pursuing the issue of mergers of Banks.
5 Associate Banks mergers with SBI had already led to closure of
1000 branches . Further 200 to
300 branches, SBI is planning to close down. 5.
WITHDRAW FRDI BILL: Untimely
introduction of the bill by the present Government has kick started the
flight of Bank deposits to mutual fund. Leading
Bank- SBI- has released an advertisement in social media instigating the
small investors to invest in mutual funds instead of savings, through Bank
accounts. The “bail in”
clause has created sufficient fear and loss of confidence in Public Sector
Banks. Comrades,
our Joint signature campaign has to be actively pursued and hit the target
of getting the common people involved in the noble tasks of “Saving the Banking Industry” thereby “saving the Nation”. Plunge
into vigorous campaign as the time at our disposal is too short and also
precious. Yours
comradely, /S.NAGARAJAN/ GENERAL SECRETARY
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