BEFI opposes RBI decision to grant registration to moneylenders

Kolkata, Aug 10 (UNI) The Bank Employees Federation of India(BEFI)has condemned the Reserve Bank of India's(RBI)reported decision to grant registration to moneylenders for delivering bank credits to farmers, and demanded its immediate withdrawal.

BEFI General Secretary S Bardhan describing the RBI move as a "dangerous trend" here today said it "clearly shows that the Apex Bank is going ahead with its decision to permit public sector banks to outsource their basic and most important functions like deposit taking and credit delivery system".

Expressing strong opposition to the move,Mr Bardhan said since it was bound to exploit the farmers by unscrupulous moneylenders BEFI urged the RBI to abandon the move without further delay.

The issue would also come up for further discussion in the next meeting of United Forum of Bank Unions in Bangalore on August 16, Mr Bardhan announced.

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