CII firm on closing

NTF’s suggestion for closure of the three weak banks – Indian Bank, United Bank and UCO Bank – is only recommendatory in nature and unfortunately only this point got highlighted among the 26 other recommendations made by it," Bajaj told newspersons here on the sidelines of the 49th convocation of SNDT Women’s University.

"CII is all for bringing out the names of the loan defaulters into the open by carrying out suitable changes in the Banking Regulation Act of 1934 which precludes banks and FIs from disclosing the names of defaulters," Bajaj said.

The NTF had, in regard to the weak banks, suggested that they be taken over by a healthy bank, employees given a good severance package and non-performing assets sold at a sharp discount. "Implementing these suggestions will cost the exchequer a whopping Rs 7,000 crore," Bajaj explained. "We appreciate and sympathise with the position of the bank unions and management," he added.