Public sector banking is significant even at a time of financial capitalism, said noted economist and Hyderabad University Retired Professor, Dr.D.N.Reddy.The capitalism is influenced by profit making motives alone, Dr.Reddy said.
He was inaugurating State Bank Staff Union (Kerala Circle) General Council at Tagore Centenary Hall in Kozhikode.
These banks are far ahead in credibility, assets and staff potential -he pointed out.
Dr.Reddy appealed the staff union to take initiatives to protect the banks from decline.
Banking sector has been strongly targeted for implementing globalisation thanks to the huge wealth mobilisation in this segment.
The globalisation policy paved the way for the fall of public sector banks. In 2008 itself, it was proved across the world, including America. The decline of banking sector affects the fate of nations.
State Banks Staff Union president Philip Koshy presided over the function.M.V.Murali delivered the key note address. General Secretary A.Jaya Kumar made V.G Siddharthan memorial speech. Organising Committee Chairman A.Pradeep Kumar M.L.A welcomed the gathering and General Convenor A.Raghavan expressed vote of thanks.