Railway unions from all over India are ready to gage PF fund, deposits of employees in order to stop foreign direct investment.
National Federation of Indian Railway men’s of India have been opposing the direct investment instead they want to utilize the PF of railway employees, as FDI will affect the common men and would not be able to travel.
Ch.Chandershaker Rao general secretary, SCRMU said “there is need for Foreign Direct Investment (FDI) when
there is enough money in the PF fund. The Indian Railways has a social obligation to society. Once FDI comes in India, the common man would not be able to travel.”
Indian Railway Finance Corporation borrows funds at 10 to 15 per cent. At present the interest rate given by the government for PF fund is 8.5 per cent. It would be wise to utilize the PF fund instead, said the General Secretary.