Why in the news ?

• Industry body FICCI has called for privatisation of public sector banks (PSBs) saying that recapitalisation had little effect on the health of banks.

More on news

• According to FICCI, this would reduce the drain on the exchequer and the money saved could be used for developmental schemes and programmes of the government.
• A dynamic banking sector is the need of the hour and we should examine if there is at all a case for public sector domination in the banking sector.
• The industry body Assocham had also suggested to privatise Public Sector Banks.

AIBEA opposed

• The All India Bank Employees’ Association (AIBEA) has condemned a suggestion by industry body Assocham to privatise public sector banks (PSBs). 

FICCI

• The Federation of Indian Chambers of Commerce and Industry (FICCI) is an association of business organisations in India.
• FICCI is the largest and oldest non-government, not-for-profit organisation, established in 1927
• FICCI draws its membership from the corporate sector, both private and public, including SMEs and MNCs.
• FICCI provides a platform for networking and consensus building within and across sectors and is the first port of call for Indian industry, policy makers and the international business community.
• Mission:
• To carry forward our initiatives in support of rapid, inclusive and sustainable growth that encompass health, education, livelihood, governance and skill development.
• To enhance efficiency and global competitiveness of Indian industry and to expand business opportunities both in domestic and foreign markets through a range of specialized services and global linkages.

Source

·         The Hindu, FICCI.