Speaking on the occasion, Raja said that every Indian could be proud of the public sector undertakings for their ‘splendid contribution’ to the economic progress of India.

He said the reachability of Indian PSUs with a number of branches and networking with the masses was commendable. On the banking system, he said there was a need to strengthen it in order to sustain its services to larger sections of the public.

‘Employee strength of commercial banks has to be hiked in order to enable them to carry out their activities,’ he said. On the rising inflation, he said while moves like increasing cash reserve ratio (CRR) could help bring down food prices, it must be ensured the timely availability of credit to farm sector.

Raja said banks could expand their presence, but he opined that unmindful opening of branches must be avoided as it could deprive them of business.

Bharatiya Mazdoor Sangh vice-president Saji Narayanan said the Obama administration of the US spoke about measures like strong regulation of the financial system, restriction on banks from entering into speculation business and setting up a monitoring system to control the growth of liabilities and bad debts for strengthening the economy.

‘Those measures are equally valid for Indian banks too and these strictures must be adopted in this country,’ he said. NOBO president Sharad Joshi said that mindless computerisation in the banking industry must be controlled as it would lead to job losses.