Foreign banks operate purely for profit! Bank employees demand that Emirates NBD should not be allowed to take over RBL Bank

Press statement of Bank Employees Federation of India (BEFI)

While the RBI had set a 15% limit on non-resident ownership of banks, this limit is being increasingly violated, starting with Fairfax Holding Co.’s acquisition of 51% shares in Catholic Syrian Bank in 2018. The statement of BEFI condemns and opposes this trend. Further, it reveals how foreign banks care only for profit and not for national development, citing the example of the USA’s Citibank. This bank abruptly left India, leaving customers and employees uncertain. Bank employees are demanding that the GOI and RBI should not approve the takeover of RBL Bank by Emirates NBD. Such foreignisation will only deepen the trend of money being directed to big businesses instead of workers and farmers.