Financial Daily from THE HINDU group of publications
Tuesday, Feb 17, 2004
Financial Daily from THE HINDU group of publications Tuesday, Feb 17, 2004 |
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Money & Banking
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Interest Rates Bank union concern over low interest rates Our Bureau
Kochi , Feb. 16 THE salaried and middle class employees, pensioners and household savings people are the worst affected due to the steep drop in interest rates, the National Confederation of Bank Employees has said. At its fifth general council meeting in Kochi on Sunday, the NCBE General Secretary, Mr V.G. Sidhardha, expressed grave concern that the new interest structure was keeping depositors away from banks. Selective privatisation of the public sector had in effect resulted in privatisation of profits and nationalisation of losses, thereby weakening the ability of the State to intervene in the economy, the NCBE, which has a national membership of 3.5 lakh bank employees, warned.
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