Banking operations across nation likely to be hit on December 19

Chennai:

Banking operations across the nation is expected to be hit on December 19 as United Forum of Bank Unions plan to launch a stir on December 19.

                  

Addressing a press conference to mark XVI Biennial conference here on Saturday, G V Manimaran, general secretary of Canara Bank Officers Association and senior vice-president of All India Bank Officers Confederation, said that the one-day stir is being planned to protest against Union government’s plan to allow foreign banks operating in the country on nearly equal terms with Indian banks.

“Indian banks are performing well what is the need to allow foreign banks to convert their local operations from a branch structure to being subsidiaries. He said the local banks in India would be hit by such move,” reasoned Manimaran.

This comes in the wake of Reserve Bank of India (RBI) rules announcing foreign banks that convert their local operations from a branch structure to being subsidiaries will be treated on nearly equal terms with local lenders.

Manimaran said that the banks in India have a social responsibility to the nation. “If you allow foreign banks in India, the profits would be taken out of India,” he reasoned.

Manimaran, who is also the director of Canara Bank said that the bank aims to reach an aggregate business of over Rs 7 lakh crore  by March 2014. he said the number of branches and ATMs is set to reach 4,500  by March 2014.

He also said that the bank is scheduled to open three branches abroad in south Africa, Dubai and Germany this year besides 11 more foreign branches by March 2015.

He said during the conference, the wage revision due on November 2012 will also be taken up