GURGAON, March 5: India needs a fundamentally strong bank and not a big bank which will not address the needs of the common man, said a top official in a leading bank union. “We need a fundamentally strong bank and not a big bank by consolidating different banks. What is needed is the expansion of the banking network rather than consolidation,” All India Bank Employees’Association (AIBEA) general secretary C.H. Venkatachalam told IANS over phone from Vietm on Saturday. He was reacting to union Fince Minister Arun Jaitley’s statement on bank consolidation after the “Gyan Sangam” — a two-day retreat here for top honchos of banks and fincial institutions with fince ministry officials, the central bank (Reserve Bank of India) leadership and other key policy-makers. Speaking about his budget proposal of constituting an expert group on bank consolidation, Jaitley said on Saturday that this will be accorded utmost priority. “What we need are strong banks. There shouldn’t be any weakling in the link. (IANS)
tion needs fundamentally sound bank, not big bank'