Work should be done to address the shortcomings in PSBs

Aurangabad, July 3:

The manpower and work culture of the nationalised banks has not been updated. Work should be done to address the shortcomings of Public Sector Banks (PSBs), said Dr K Nageshwar, department of journalism, Osmania University. He was speaking in an online webinar series organized by the All India Bank Employees union (AIBEU) on Saturday.

Speaking in the lecture series Dr Nageshwar said, the money for all the welfare schemes in the country comes from public sector banks. Private banks are not paying for welfare schemes, but are only making profits. The government needs to acknowledge that PSBs are strong and efficient at all levels. Instead of discussing the misuse of the public banking system for political purposes, we are creating the illusion that the bank itself is not making a profit. PSBs are projected to have huge operational losses. If we go into the two terms of subsidies and incentives, we can understand the fact that operational losses are the daily expenses incurred by the banks. The word debt waiver is used if the loans of common man are waived off. But if big industrial groups get defaulter, then they are called as non-performing assets. Depositors should understand the fact that banks in the country today are in loss not because of loan waivers but because of NPAs. AIBEA general secretary Devidas Tuljapurkar has appealed to take advantage of this month-long lecture series.