Decision to merge nationalised banks violates national law: Civil society seminar told

Prof Jayati Ghosh, Dr Thomas Franco, Sitaram Yechury

By A Representative
Is the Government of India decision to merge 10 nationalised banks without any legal basis? Speaking at a recent seminar organised by the Financial Accountability Network India (FANI), Dr Thomas Franco, former general secretary, All-India Bank Officers’ Confederation, said, “Bank merger is against the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, which stipulates that the consent from board and shareholders is mandatory.”
Several participants in the seminar accused the step as a move to bail out the "struggling corporates", even as pointing out that the Reserve Bank of India (RBI) decision to transfer Rs 1.76 lakh crore to the government as per the recommendations of the Bimal Jalan-led committee would on only "mess up with public finances."
Attended by representatives of civil society organisations, unions, students, teachers and concerned citizens, Sitaram Yechury, general secretary, CPI(M), told the seminar, “The transfer of RBI’s surplus to the government would destabilise RBI, make India vulnerable in an on-going global and domestic recession.” He added, the banks merger was done "at the behest of corporates, who have been demanding this to deal with one bank than the consortium of banks for the loans.”
Jayati Ghosh, professor of economics at the Jawaharlal Nehru University (JNU), asserted, “RBI’s autonomy died in November 2016 when the government declared demonetisation. The present government is the one without any accountability. The economic mess India is in also stems from this.” He added, "RBI’s money will go towards plugging in the holes created by the demonetisation and hastily implemented GST.”
Others who spoke on the occasion included Prof CP Chandrasekhar, professor of economics, JNU; Paranjoy Guha Thakurta, journalist and author; VK Tomar, secretary-general, National Confederation of Officers’ Associations of Central PSUs; and Purushottam Sharma, leader, CPI (ML).

Right to walk, right to livelihood: Clearing footpaths 'can't mean' clearing out the urban poor

By Aseem Mishra* India’s cities are locked in a quiet but intensifying struggle over one of their most contested public spaces: the footpath. For pedestrians, a footpath is basic infrastructure—a strip of ground that should allow people to move safely, independently and with dignity. For millions of informal workers, the same stretch of pavement is a workplace, a source of daily income and often the difference between survival and destitution.

Ample evidence of child labour in South Gujarat's cash rich sugarcane belt: Study

By Rajiv Shah A recent German government-funded study , undertaken jointly by the NGO Prayas Centre for Labour Research and Action and the Rosa Luxemburg Stiftung, which mainly deals examines the working conditions of migrant workers in the cash-rich sugarcane zone of South Gujarat, has gone a long way to suggest large scale prevalence of child labour during the harvesting season.

Women lawyers petition Supreme Court, seek reconsideration of Aug 4 order on bar council co-option

By A Representative A group of women advocates who stood sixth and seventh among female candidates in the recent Bar Council elections have filed a petition before the Supreme Court, seeking a recall and reconsideration of the Court’s August 4 order determining the mechanism for co-opting women into State Bar Councils.

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