Saving Jet Airways is not banks' duty: Bank employees

As the consortium of banks led by State Bank of India chalked out a Rs 1,500 crore bailout plan to save the ailing Jet Airways, the bank employees registered their opposition against the move.

“It is in the larger interest of the country, public and the lenders that Jet Airways continues to fly. We have not lost all hope and all efforts will be on to keep it flying,” said SBI Chairman Rajnish Kumar on Wednesday.

Opposing the lenders' plan, the All India Bank Employees Association (AIBEA) said the banks should not become the owner of Jet Airways and the airlines should repay the loans. In a press release, C H Venkatachalam, the General Secretary of the AIBEA, said: "We totally disagree with such proposals and attempts of Banks to purchase the shares of this ailing airline with a view to save the company at the cost of public money."

"When Jet Airways was making profits, the profits went to the pocket of the owners. When it in loss, why public money and Banks' money should be spent to save them," he said adding banks should do banking business, not run airlines.

The group also stated that private airlines proved to be a failure despite the weakening of public airlines. "All these private airlines were allowed and brought into operation only on the premises that private airlines would be much more efficient than public sector airlines. Because of this open encouragement, India Airlines was virtually weakened. There are attempts to sell airlines (Air India) to some private buyers. But we observe the 'performance' of private airlines," said the statement.

They have asked the government to review the policy of 'weakening public sector.'