Bank employees oppose Kingfisher bailout
November 16th, 2011 - 10:31 pm ICT by IANSMumbai, Nov 16 (IANS) Opposing the bailout of Kingfisher Airlines, the All India Bank Employees Association (AIBEA) Wednesday urged the Reserve Bank of India (RBI) to first recover loans given to the airline.
“Already 13 banks have extended a total credit of more than Rs.7,000 crore. Twice these loans have been restructured in order to avoid the loan being defined as bad loans,” said AIBEA general secretary Vishwas Utagi.
AIBEA has also advised all its nominee workman directors on the boards of the banks to oppose any further bailout or credit facility to the airline.
“Big corporates are squeezing the public deposit in (state-run) banks by frequently going for Corporate Debt Restructuring,” Utagi said.
“Kingfisher Airlines is one such glaring example. AIBEA has been opposing such bail-out packages.”
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Tags: aibea, airline, all india bank employees association, bailout, bank of india, banks, corporate debt restructuring, corporates, general secretary, glaring example, india bank employees association, kingfisher, kingfisher airlines, loans, rbi, reserve bank of india, workman