PSUs

PSB trade unionists oppose sale of shares to employees

By Indian Mandarins- 26 Jan 2019
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PSB trade unions are opposed to the sale of PSB shares to employees. Bankers believe the opposition seems to be inspired by the desire to keep employees unintegrated with the modern development processes. Since the purchase of shares by employees would integrate them with the processes to improve their respective banks' health as otherwise their share holdings would not improve in valuation, trade unionists see this as a big threat to their dominance.


“Recently some of the public sector nationalised banks have come out with the decision to augment their capital through sale of shares to employees. As part of our decision to oppose all methods of privatising the capital of nationalised banks, we have been opposing sale of banks’ shares to private hands, both corporate and individual,” said C.H. Venkatachalam, general secretary, All India Bank Employees’ Association.


“In the same breath as a trade union, we are opposed to sale of bank capital to employees,” he added.

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Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.