SBT has asked for the withdrawal of the Amendment Bill

By | September 29, 2011

A recent press report said that State Bank of Travancore’s Staff Union has asked the Union government to withdraw the Banking Amendment Bill-2011 presented in the Lok Sabha as they feel it would undo the gains the banking sector had made through the nationalization of banks in 1969.

Reports said that the resolution passed at a three-day national conference said that the new Bill will water down the aims and objectives of the historic bank nationalization by the Indira Gandhi government in 1969. The resolution passed has said that the changes brought in the banking sector from 1991 by the successive Central government had affected the sector and that the reforms brought in the sector and the implementation of globalization policies are of serious consequences in the banking sector in the country.

According to reports, the resolution also said that the 2011 Bill is likely to speed up the merger of public sector banks and help the foreign and Indian shareholders to have more control over the public sector banks.

Earlier, a report said that banks are facing a slow down in their loan business due to the hike in interest rates. The hike in interest rates have made all loans including home loan, personal loan, vehicle loan, business loan etc costlier to the borrowers.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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