Hold protest demonstrations on 23rd May 2014....

ALL INDIA BANK EMPLOYEES’ ASSOCIATION ( AIBEA )

ALL INDIA BANK OFFICERS’ ASSOCIATION ( AIBOA )

BANK EMPLOYEES FEDERATION OF INDIA (BEFI)

INDIAN NATIONAL BANK EMPLOYEES FEDERATION (INBEF)

INDIAN NATIONAL BANK OFFICERS CONGRESS (INBOC)

TO ALL UNITS AND MEMBERS:                                                     19th May, 2014

Dear Comrades,

·        Oppose RBI’s Nayak Committee Report

·        Defeat Bank privatization attempts

·        Hold countrywide demonstration on 23^rd May, 2014.

Wholesale attempt to privatize Banks:

Units and members are aware that the RBI appoint P J Nayak Committee has recently submitted its Report with various recommendations like privatization of Banks, reducing Government’s capital in PSBs to less than 50%, merger of public sector banks, transferring the ownership of public sector banks to an Investment Company, Repeal of Bank Nationalisation Act, Voting rights of shareholders in public sector banks to be increased from 10% to 26%, etc.  In short, the Committee wants removal of Government’s control and to hand over the Banks to private hands.  They want to go back to pre-1969 model of private sector banking.

Hold protest demonstrations on 23rd May:

To express our strong protest and objection to the Nayak Committee recommendations and to demand rejection of the Report, we call upon all our units and members to organize  and  hold  countrwide demonstrations after office hours on  23^rd May, 2014 ( Friday ).

With greetings,

Yours comradely,

    

C.H. VENKATACHALAM        S. NAGARAJAN   PRADIP BISWAS   SUBHASH SAWANT    K.K. NAIR

   GEN. SECY                     GEN. SECY           GEN. SECY             GEN. SECY            GEN. SECY

     AIBEA                      AIBOA               BEFI               INBEF            INBOC

MAIN RECOMMENDATIONS OF

RBI’s P J NAYAK COMMITTEE REPORT

§  Privatise the Public Sector Banks

§  Government’s capital should be reduce to less than 50 %

§  Merger of Public Sector Banks Banks

§  Design a new governance structure

§  Better compensation for Chairman and EDs

§  Keep PSBs out of CVC, RTI Act, etc.

§  Bank Investment Company should be created under Companies Act which will control the Banks

§  The CEO of BIC should be a private equity investment professional

§  Ownership of Banks should be transferred to this BIC

§  Government should not issue any regulatory instructions to Banks.

§  Bank Nationalisation Act should be repealed and Banks should be covered by Companies Act.

§  Ownership functions should be handed over by the Government to the BIC

§  Government should not appoint any Directors in the Banks. BIC will do that.

§  RBI Nominee Directors in the Banks should step down.

§  Voting rights should be increased to 26 %

AIBEA – AIBOA – BEFI – INBEF – INBOC