Latest News | AIBEA Expresses Concern over Depleting Forex Reserve

Indore, Sep 29 (PTI) Expressing concern over depleting foreign currency reserves, an All India Bank Employees Association (AIBEA) top office bearer said that if the issue is being overlooked then it may lead to a severe economic crisis like in the neighbouring country, Sri Lanka.

"Because of the government's wrong economic policies, the country's forex is reducing. Our exports are decreasing while imports are rising,” AIBEA general secretary CH Venkatachalam told reporters after the meeting of the central committee of the body.

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"If we continue to overlook the depleting forex reserve, then a day is not far when we have to face an economic crisis like Sri Lanka,” he warned.

Venkatachalam said that for checking depleting forex reserves, it is necessary for the government to help crisis-hit micro, small and medium enterprises so the dependency on imports gets reduced and exports get the necessary fillip.

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Opposing the government's intention to privatise public sector banks, he said that if they are privatized then not only there will be a threat to the people's hard-earned deposits, but rural folks, farmers, the MSME sector and women will have to face a lot of hardship in availing loans from such banks.

To pave the way for privatization of the public sector banks, the government may present a bill in the coming winter session of parliament, he said.

Venkatachalam warned that if any such bill is presented then the AIBEA representing over 3.5 lakh employees of the government, private, cooperative and other sector banks will immediately go on strike.

He also said that public sector banks are facing a lot of difficulties because of a shortage of manpower and if adequate manpower is not recruited soon then also AIBEA will be forced to go on strike.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)