Centre's economic policies will create unemployment: All India Bank Employees Association

RAJKOT: Criticising the Union government's policies of FDI and privatisation of banks, All India Bank Employees Association today said these will create unemployment in the country.

"Banking sector and local industry in the country would be affected badly by the Union government's economic policies of FDI and privatisation of public sector banks in the country and nearly 15 crore people will lose their jobs," AIBEA general secretary R Venkatchalam said here today.

Venkatchalam is here to attend the two-day AIBEA meeting beginning today.

"With the implementation of FDI, multi-national companies will come here for business, they are financially very strong and powerful," he said.

"The main objective of these multi-national companies would only be to gain profit and they can do anything including reduction of manpower that will increase unemployment in the country," he said.

The Union government's economic policy is for "billionaires and millionaires" and with it poverty and starvation would increase, he added.