Bhopal, Feb 3: The present Government is ready to hand over Banking Industry into the hands of private sector. Instead of expanding Banking network in the rural areas and facilitating people across the country, Government wants to merge Banks so that private operators takes over the Banking Industry, alleged Venkatachalam, convener of United Forum of Bank Unions and AIBEA general secretary in a press conference on Sunday.

Instead of providing benefits to general masses, present day Banking policies are made in such a way that they are proving more beneficial for the capitalists. The Government policies are such that weaker section of the society are paying more interest on the loan amount then what rich people are contributing, he added.

Merger of Bank is not only injustice done with the Bank employees, but by doing so, Government is fooling crores of people whose Rs 20 lakh crores are deposited in such Banks across the country, he alleged.

Instead of doing expansion in rural areas or increasing Bank network is gearing up to hand over Banking industry into the hands of private firms, he charged. Under such circumstances I wonder how money of people could ever remain safe, he alleged.

At present 27 private banks are operating in the country. In context to it, Government believes that for near about 100 population functioning of 4-5 Banks is required. Thus, the Government has come out with a merger policy of Banks, he alleged.

In our country only 45 crore population have bank accounts, which is very less in comparison to total population of our country, he added.

The variation in rate of interest in different sectors clearly indicates how Government policies are benefiting the elite class of our country. The present rate of interest in agriculture loan is 9 per cent, educational loan is 11 per cent, housing loan is 12 per cent, while in the Stock Exchange it is only 8 per cent, he attacked on the Government.

The overwhelming success to 24th January all over India Bank strike has brought Government's merger into a stand still. Now we want fulfillment of our other demands, he added.

Those who were present on the occasion include- B K Sharma, M G Shinde, J P Jhawar, Gunshekharan and several other Union leaders.