Bank workers union supports interest rate drop
General Secretary of the Bank and Finance Sector Employees Union, Sailesh Naidu says bank should consider reducing interest rates on commercial and personal loans.
Naidu says large corporate entities enjoy lower rates and pay minimal fees and charges while small businesses pay higher interest and charges.
He adds banks in recent years have focused largely on tourism and real estate which has brought high after-tax profit.
The union representative believes the finance sector needs to redirect attention to agriculture, fisheries and other export commodities since tourism and real estate are both facing a downturn.
Naidu also says supporting small businesses means banks will be spreading the risk in their lending profile while reduced interest rates will help rejuvenate the economy.
