Ludhiana, August 22, 2012: In a communication to Dr. Duvvuri Subbarao, Governor, Reserve Bank of India, the Federation of Punjab Small Industries Association (FOPSIA) president Badish K. Jindal has written about worst effects of the ongoing two-day nationwide strike by bank employees, starting today, on the industry.

In this communication, a copy of which is in possession of City Air News, the FOPSIA president has said in a recession ridden and developing country like India strike by the public sector banks and that also for the reason “for proposed reforms that would ease mergers and allow more private capital, including foreign investment, in the banking sector which will enhance the working and effectiveness of Banks” is just illegal and uncalled for.

He pointed out that if not controlled strictly such strikes are going to ruin the economy of India, the communication reads.

It further reads: “Here Just in Punjab the trade and Industry will have to face the transaction losses of more than Rs. 10,000 crore and financial losses of more than Rs. 400 crore in just two days. Beside this the trade and industry of Punjab will be forced to pay an interest amount of more than 300 crores just for two days.”

Jindal has further apprised the RBI Governor that “due to this strike many of the Industrialists will be forced to suffer for not participating in the important tenders and the deals, the exporters will have to suffer losses due to non-payment of shipments and custom charges on time, which will be resulted into heavy penalties by the concerned departments. The imports and incoming materials will also be delayed due to absence of RTGS facility.”

As such the industry will be suffered just due to the illegal demand of the bank employees, so we strongly suggests and demand that two days bank interests on all the loans should be waived off and this amount should be deducted from the salary of the employees on strike, the communication further reads.

Jindal asserted: “We ardently hope that our request would get your kind consideration and would be treated accordingly.”

It may be mentioned here that Jindal is also a Member of National Board of MSME.

Wednesday, August 22, 2012