Bank employees’ body opposes bailout of Kingfisher

Vadodara, Nov 16: The All India Bank Employees" Association today opposed the bailout of Kingfisher Airlines stating that if banks proceed with the bailout, it would launch protest across the country.

AIBEA general secretary CH Venkatachalam said, “We have addressed a letter to the RBI Governor expressing our opposition to any further loan to Kingfisher by any banks."

He also said that the AIBEA has advised all its nominee directors on the boards of the banks to oppose any further bailout or credit facility to Kingfisher Airlines.

Venkatachalam informed that the AIBEA has also demanded a parliamentary probe into the purchase of shares of Kingfisher by the banks.

Incidentally, Kingfisher Airlines chairman Vijay Mallya today said he has not asked for a bailout from the government but wanted the lenders to help with Rs 700-800 crore working capital as short-term need and interest concession.

PTI