more-inBank employees in the district organised a protest here on Tuesday evening criticising the recent statements of certain high ranking officials of Reserve Bank of India supporting the ‘re-privatisation’ and ‘consolidation’ of public sector banks. D. Manoharan, district convener of United Forum of Bank Unions, said that such statements were provocative, and would result in the collapse of the banking system in the country. The employees were of the opinion that it was not correct that the merger of banks would strengthen the financial system and create a bigger bank with higher ratings. A large entity could pose more threat to customers, and the financial system itself when it failed, they said. Instead of going for mergers, banks should try to recover non performing assets with an iron hand, they added.

Source: The Hindu May 16, 2017 15:05 UTC