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New Delhi, Sept.24 The All India Bank Employees’ Association (AIBEA) has “strongly opposed” the Government’s proposed move to avail itself of World Bank loan for shoring up the capital of some public sector banks.

In a statement, the AIBEA General Secretary, Mr C.H.Venkatachalam, said the Government should abandon the proposal forthwith. The World Bank Board had, a few days ago, approved a banking sector support loan (BSSL) worth $2 billion. This amount would be made available as Budgetary support to the Central Government during 2009-10.

“Our public sector banks are nation-building institutions and they must remain so. World Bank loan will definitely aim at diluting the social objectives of PSBs. Public sector banks deal with huge public savings. We should not mortgage the interests of our banks to the World Bank,” Mr Venkatachalam said.

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