Major bank union oppose banking licences to industrial houses

The Indian banking sector`s largest union, the All India Bank Employees` Association (AIBEA), on Tuesday opposed the recommendations made by the Reserve Bank of India`s (RBI) Internal Working Group as they are “retrograde” and would endanger people`s money.

“We strongly denounce the provocative recommendations of the RBI Working Group and urge upon the Government to reject these proposals,” Venkatachalam said.

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