Centre's move to bring down SLR for banks draws flak from CITU

Bangalore, Jan 13 (UNI) The Centre for Indian Trade Unions (CITU) today came down heavily on the Union Government's move to bring down Statutory Liquidity Ration (SLR) for banks.

Addressing newspersons here, CITU Secretary W R Varadarajan said that despite stiff opposition from the Left parties, the Congress- led UPA Government at the Centre had announced the decision to lower SLR mandate to banks. ''The deposits made by public in banks would not be safe with this decision,'' he claimed.

Criticising the UPA Government for pursuing the previous NDA Government's economic policies resulting in a wide gulf between rural and urban areas, he said the recent carnage in Assam, in which 46 people were gunned down by ULFA activists, was a reflection of the frustration prevailing in rural areas due to the impact of such economic policies.

Mr Varadarajan said the 12th National Conference of the CITU, to be held here for the first time from January 17, would discuss three core issues of leaning towards Imperialism, rise of Communalism and the adverse impact of World Bank scripted Economic policies. The four-day conference, which would be attended by over 2,500 delegates and invitees from over 43 countries, would scrutinise the role of communal forces, attack on labour rights, the economic policies of privatisation, disinvestment and indiscriminate entry of FDI in various sectors.

The conference would sit in six commissions and hold comprehensive discussions on policy issues, including the approach paper for the 11th five-year plan, WTO - present issues and challenges and Special Economic Zones. The new leadership of the CITU, its General Council and Working Committee would be elected on January 21, he said.

UNI