Saving Jet Airways isn’t always banks’ responsibility: Bank personnel

Posted on by Jose K. Taing

As the consortium of banks led by way of State Bank of India chalked out a Rs 1,500 crore bailout plan to store the ill Jet Airways, the bank personnel registered their opposition in opposition to the pass.
“It is in the large hobby of the u . S ., public and the lenders that Jet Airways continues to fly. We have no longer misplaced all desire and all efforts will be directly to maintain it flying,” said SBI Chairman Rajnish Kumar on Wednesday.

 

https://www.federalbank.co.in/image/journal/article?img_id=19742907&t=1547188451250
Opposing the lenders’ plan, the All India Bank Employees Association (AIBEA) stated the banks need to now not turn out to be the owner of Jet Airways and the airlines should repay the loans. In a press launch, C H Venkatachalam, the General Secretary of the AIBEA, said: “We completely disagree with such proposals and attempts of Banks to purchase the shares of this sick airline as a way to shop the agency on the cost of public cash.”
“When Jet Airways become making income, the earnings went to the pocket of the owners. When it in loss, why public cash and Banks’ cash have to be spent to shop them,” he stated adding banks have to do banking commercial enterprise, no longer run airways.
The institution also stated that non-public airlines proved to be a failure in spite of the weakening of public airways. “All those personal airlines have been allowed and brought into operation most effective at the premises that personal airways would be a good deal greater green than public zone airlines. Because of this open encouragement, India Airlines turned into clearly weakened. There are tries to promote airways (Air India) to some non-public consumers. But we study the ‘performance’ of personal airways,” stated the announcement.

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