Chidambaram to address IBA on Thursday

Finance Minister P. Chidambaram will address a general body of Indian Banks’ Association (IBA) at Mumbai on Thursday.

This address will come at a time when non-performing assets (NPAs) in the banking system are seeing a meteoric rise, pushing policymakers into a fix.

A part of the reason for the NPA problem is the marked slowdown in the economy. The other reason, which is not often highlighted, is the lack of accountability of higher ups, to ensure recoveries and rein in NPAs, say critics.

Meanwhile, at the call of All India Bank Employees Association (AIBEA), the employees of Bank of Maharashtra have planned to observe a day’s strike on June 17.

This is to protest against the vindictive actions of the management of the bank against legitimate trade union activities, it is learnt.

AIBEA has complained to the RBI and the Government about some of the business decisions of the Bank of Maharashtra management.

Source: thehindubusinessline