Begin typing your search above and press return to search.

'Rating IDBI Bank as private is against public interest': All India Bank Employees' Association

Rating IDBI Bank as private is against public interest: All India Bank Employees Association

Sentinel Digital Desk

Chennai: The All India Bank Employees' Association (AIBEA) has demanded the Reserve Bank of India (RBI) to reconsider its decision to categorise IDBI Bank as a private entity. In a letter to the RBI on Wednesday, AIBEA's General Secretary C.H. Venkatachalam conveyed the union's opposition to RBI's decision.

"IDBI and IDBI Bank have been created to be Banks under public sector. Due to huge bad loans to the corporates, the Bank has been facing problem of recovery and consequently its financial performance," Venkatachalam said. According to him, it is ironical that RBI instead of taking action against the private sector corporate borrowers it seeks to protect the bank from Right to Information Act (RTI), Central Vigilance Commission (CVC) and others by recategorising IDBI bank. (IANS)

Also Read: Business News

Next Story