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Canara Bank staff strike on Nov 15

Our Bureau

KOCHI, Nov. 9

THE employees of Canara Bank throughout India are on agitation against the disinvestment of Canara Bank shares and the first stage of the agitation is ending with a protest strike on November 15.

In a fax received here, the Canara Bank Staff Union has argued that the Government action is not only unjustified but also against the interest of the bank and its employees.

The fax pointed out that the bank has sufficient capital adequacy levels and the present capital and reserves add up to Rs 3,471 crore. The bank has liquid funds of Rs 12,227 crore. The union alleged that while fostering the soft interest policy, the bank rate has been cut bringing even the call money rates to all-time lows.

The soft interest rate regime has dissuaded companies from raising funds from the capital markets, because share issue is costlier and impose avoidable financial burden.

The disinvestment signalling privatisation will open another sector for loot by vested interests and their agents as has happened in many other sectors, the fax said.

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