In a strange move, the All India Bank Employees’ Association (AIBEA) has supported the government decision to bail out private Yes Bank and said that the Reserve Bank must be held accountable and the government should start taking all the private sector banks under its fold. Strangely, the same union is opposing the privatization of the public sector banks.
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“At the same time, in order to protect the interest of the depositors and bank’s clients, Yes Bank should be immediately brought under the public sector. One by one private banks, which are being glorified by the government, are failing. It is high time that the government should take a call and repeat 1969 – all the private banks should be brought under public sector,” said C H Venkatachalam, General Secretary, AIBEA.
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