PSU bank officers stage protest at Gyan Sangam

A section of PSU bank officers today staged protest at the bankers retreat 'Gyan Sangam' to oppose government's move to bring about consolidation in the banking sector. All India Bank Officer Confederation (AIBOC) also said the government should not bring down its stake in IDBI Bank below 50 percent as announced in the Budget. The association also demanded that the bank boards should be accorded autonomy to deal with the situation, AIBOC later said in a statement.

The two-day Gyan Sangam which began today deliberate on vaious issues including mounting bad loans and consolidation in the banking sector. Finance Minister Arun Jaitley is scheduled to attend the meeting tomorrow. This retreat is being held to take forward the government's commitment to reforms in the banking and financial sector.

The participants have been divided into five Working Groups. Working Groups include one each on restructuring, mergers and acquisition, NPA management and recovery, technology, digital and financial inclusion, credit growth and risk management.