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The statement of the Finance Minister P.Chidambaram that bank profits could not be used only to enhance salaries of employees, but must be used for expansions is nothing short of ridiculing the bankmens’ strike and confusing the people.
The employees are eligible for wage revision after every 5 years and the United Forum of Bank Unions have demanded only fully justified rise in wages. It is the Bank Association which is taking an unjustified stand.
If the Finance Minister is sincere for the expansions, why thousands of crores of rupees taken loan by the corporates and big business is being waived as NPA and making huge losses to the Banks? The Government and Banks should have taken strong stand and collected all these big loans and helped the banks for expansion. In the case of common people, the Banks don’t waive loans, but in the case of corporates a soft stand is taken and loans waived. It is only when the employees demand for wage rise, all these grand advices comes from the Ministers and those in power.