Condemn Gurumurthy’s speech calling Bank employees “scums”


The speech of Shri Gurumurthy calling bank Public Sector Bank employees and officers “scums” is highly condemnable. Shri Gurumurthy is the editor of Thughlak, an Auditor and a non-official Director, Reserve Bank of India.

To commemorate the 52nd anniversary of Thughlak, a function was organised in Chennai on 08th may 2022. Smt. Nirmala Sitaraman, the Union Finance Minister was the chief guest of the event. In her presence, Shri Gurumurthy  delivered a lengthy speech in which he made derogatory comments about the public sector bank employees and officers.

He also stated that the central government should privatize Public Sector Banks by bringing down its share holdings in these banks to 49%. He also wanted the banks to be free from the intervention of unwanted institutions like CVC, CBI and such other agencies. He degraded the public sector bank employees and officers and equated them to scums. The derogatory remarks against the public sector bank employees and officers created widespread discontentment among the banking fraternity. All these utterances were made by him in the presence of Union Finance Minister!

Shri Gurumurthy, being a director in RBI, may be aware of the history of bankruptcy of private banks since 1947. He should also be aware of the immense contributions made by public sector banks due to which our country could achieve self-sufficiency in many fields besides social justice in recruitments. He bats for privatisation of banks while advocating “Swadeshi” movement. He should be aware that once the banks are privatized, the ownership may end up with the foreign multi-national corporates!

Many Unions including Bank Employees Federation of India, All India Bank Employees Association, All India Bank Officers Association have condemned his speech. The bank employees and officers feel that the Union Finance Minister should have condemned such talk of Shri Gurumurthy on that stage itself. But that did not happen!

The Unions seek an unconditional apology from him. They also demand that the Union Government should remove Shri  Gurumurthy from the post of Director in RBI to which he has become unworthy by his derogatory remarks. His deprecating remarks have been condemned by Shri Su Venkatesan and Shri K Subbarayan honourable Members of Parliament.


  1. It is good that many of the bank level apex organisations have reacted to Gurumurthy’s nonsensical talk. Even his talk has irked Shri Su Venkatesan and Shri Subbarayan honourable Members of Parliament. Will this make our honourable Union Finance Minister to respond to the calls of the organisations

  2. Don’t know what provoked him to speak like this. It appears ridiculous and not befitting to the position he holds , meaningless as it appears unuttered without any merits .

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