"RBI employees, who have always defended bank nationalisation, will make common cause and the central bank of the country will also remain closed with the rest of the banking industry," Airbea general secretary Samir Ghosh, said in a statement.

Said Mr Ghosh: "It was very unfortunate that the government has paid scant regard to the persistent protest by bank employees and opposition by a large section of public opinion and political parties against bank privatisation". He pointed out that the bank privatisation bill was hustled through the current session of the Parliament. "The finance ministry is clearly misleading the nation. All the public sector banks, excepting Indian Bank, now maintain the stipulated capital adequacy ratio. The goverment may have to provide for the last time some money to two-three banks to cleanse their balance sheets. The goverment is talking about funds crunch. But they can spend mind boggling sums for early exit of staff through Voluntary retierment scheme."

It was pointed out that as per the present act, public sector banks can raise capital from the market to the extent of 49 per cent of their net worth whereas the private share-holding in banks is currently much less than that. And so there is enough scope to raise capital without changingthe statue.

"Instead of doing that, the goverment seeks to hand over the banks to private capital to those who have not returned money borrowed form banks to the extent of about Rs 40,000 crore. If the goverment showed a little seriousness in recovering bank's dues from the big borrowers, banks would have been in the pink of health. But that is clearly an anathema to the goverment," Mr Ghosh said.