A bank employees’ union has asked the government to reject the Nayak committee recommendations on bank privatization saying the report would not be against national interest. "The report of the committee, which was appointed by the RBI Governor, deserves to be rejected by all authorities,” All India Bank Officers Association (AIBOA) General Secretary S Nagarajan said. Nagarajan also said that banking should also be brought under Banking Audit Commission identical to CAG. The committee headed by P J Nayak, former chairman of AXIS Bank, has recommended mainly privatization of public sector banks by reducing the government equity below 51 per cent, merger of Bank, repealing Bank nationalization which would be against national interest.
Read the Economic Times news report here.