The oldest trade union of bank employees in India, the All India Bank Employees Association (AIBEA), on July 16 said that they will declare names of 7,000 corporate ‘wilful defaulters’ on July 19 as government has gone “too soft on them”.
Venkatachalam questioned why government had taken no criminal action against these defaulters, with only civil suits are being filed against them.
He suggested that setting up of an fast-track debt recovery tribunals is a must for India so to quickly recover money from big loan defaulters.
Loan default came into the spotlight with Vijay Mallya, who owes Indian banks over Rs.7,000 crore.
Venkatachalam ended by saying that all bank unions under UFBU would strike on July 29 so as to raise their voice against “anti-people government policies on bank reforms”.