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HyderabadNBFCs may foray into banking market: Vinod Kumar

NBFCs may foray into banking market: Vinod Kumar

Published: 26th Nov 2020 11:01 pm

Hyderabad: State Planning Commission Vice-Chairman B Vinod Kumar expressed concern over the possible entry of non-banking financial companies (NBFCs) into the market in the form of corporate banks as part of the Central government’s anti-employment, anti-labour and anti-farmer policies.

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Vinod Kumar visited several protests organised by various trade unions here on Thursday as part of the nationwide general strike. He said that with the policies adopted by Prime Minister Narendra Modi, everything in the country will become private in the near future. “Many companies like LIC, BSNL and Railways have already been weakened and more companies will join the same path. Private companies, which are currently taking loans from national banks, are on the verge of setting up corporate banks with the help of the Prime Minister,” he said.

Calling for a united effort to thwart the conspiracy hatched against the public sector units, he said the fight should continue till the proposals to privatise central public sector undertakings (PSUs) are withdrawn.

MP Banda Prakash, TRS secretary Roop Singh, Railway Mazdoor union leaders Yadava Reddy, BSNL employees’ union general secretary Sampath Rao and bank officials’ union president Rambabu were also present.

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