Syndicate Bank staff demand debt management office

Syndicate Bank Staff Association has demanded an autonomous Debt Management office to manage the Union Government debt and State Government debts.

The Debt Management office can separate debt management from monetary management , Mr K.S. Bhat, All India Secretary, Syndicate Bank Staff Association, said in a statement.

This is explicitly true since interest rate setting, as also use of other instruments such as cash reserve ratio and open market operations by the RBI can be clouded by debt management objectives, he said while addressing the joint session of regional committee meeting of the association held here.

Before setting up a full-fledged DMO, the Government should come up with a white paper giving details whether the DMO should manage the external debts also, he said.

Mr M.S. Bhagawat, President, National Organisation of Bank Officers, demanded a total paradigm shift in the HR/IR policy of Syndicate Bank.