Business RBI Sneak Job against Workers

THE Reserve Bank has framed guidelines for "concessions and sacrifice" that would be required from the labour force of sick units being nursed back to health. Of the 544 large sick industrial units (with aggregate outstanding bank credit of Rs 2,339 crore) at the end of December 1984, 342 were con-sidered potentially viable and of these in turn 270 were put under a nursing pro-gramme. Judging from past data, the number of sick, the number considered viable and the number being nursed back to health will all have grown with the passage of time. One would therefore have expected that the Reserve Bank's guidelines on "con-cessions and sacrifices" would have been publicised. But they have not been. We get to know of these from a letter issued by the Industrial Finance Corporation of India (IFCI) to the erstwhile controlling interest (Somaiyas of Bombay) of Oriental Power Cables Ltd (OPCL) which has its factory at Kota.