26th Conference beacons us for greater struggles

OUR SLOGAN

BANKING FOR EMPOWERMENT OF MASSES
AND NOT FOR EMBEZZLEMENT OF THEIR SAVINGS

OUR DEMANDS

· STOP BANKING REFORMS FORTHWITH
· NATIONALISE ALL PRIVATE SECTOR BANKS IN PEOPLE’S INTEREST
· STRENGTHEN & EXPAND PUBLIC SECTOR BANKS
· EXPEDITE NPA RECOVERY


OBSERVE ALL INDIA DAY ON 11TH NOVEMBER, 2008


All through the period of 4 years after our last conference held in 2004, we have been waging a relentless struggle against the efforts of the Government at privatisation of the Banks, reducing Government’s Equity Capital in Public Sector Banks, merger of public sector banks, amendment to Banking Regulation Act to allow unrestricted voting rights to FDI in banking sector, etc.

Today when we are approaching our 26th Conference, we find that whatever we have been fighting for, have been fully vindicated. Had our banks been privatised and liberalized, the huge savings of the people would have been in great peril and jeopardy. Many of them would have fallen a victim of the financial tsunami as in USA and Europe. Thanks to our continuous protests and struggles and the stubborn resistance by the Left, these banking reforms could be kept in bay and pushed back.

The recent events that have unfolded in USA resulting in the massive global crisis in the financial and banking sector have exposed the fallacy of these reforms policies of privatisation and the efficacy of the unregulated free market. The so far giants of the free market are today crumbling like pack of cards and have to be taken over and bailed out by the Governments in USA, Britain, Germany, etc. at the cost of the tax-payers – robbing Peter to pay Paul. That is what will happen in India also if Public Sector Banks and their huge deposits are handed over to private hands. In the last 40 years, already 40 Indian private sector Banks have collapsed. That is why we have been opposing these banking sector reforms. That is why we say – People's money for people's welfare and not for private corporate loot.



It is high time that we demand the stopping of the banking reform policies. We also need to demand nationalisation of all private banks and take over of foreign banks. What our country needs is further strengthening & expansion of public sector banks to empower the masses and make our banks vibrant nation building institutions. Already we observe that private corporate delinquency is the reason for the huge NPAs in banks. Instead of taking stern action to recover it from them, these reforms are aimed at handing over the banks to them. Let us say a big ‘NO’ to these attempts.

Let us continue our campaign and struggle. From our 26th Conference we shall unleash more intensified programmes on our demands in the interest of our people and their huge precious savings, in the interest of our nation and our economy. We have already raised the slogan – People’s Money for People’s Welfare. Now we have further raised the slogan – Banking for empowerment of masses and not for embezzlement of their savings.

Let us meet in our Conference to further concretise our struggles and programmes.

In the meantime, all our units are requested to observe the following programmes:

1. All India Day on 11.11.2008

2. Mass Demonstrations in all Centres on 11.11.2008

3. Postering before all Branches.

With greetings,

Yours Comradely,
C.H. VENKATACHALAM
GENERAL SECRETARY