Udupi, Sep 19, 2019: The seer, who met Union Finance Minister Nirmala Sitharaman in New Delhi, informed that the decision to merge Manipal-based Syndicate Bank with Canara Bank and Mangaluru-based Corporation Bank with Union Bank will wipe away the identities of both public sector banks. It will have a negative impact on the district’s business and economy,he stressed.
Senior Pejawar pontiff Vishwesha Theertha Swami said that peopel of undivided Dakshina Kannada, a cradle of banking, were taken aback by the proposal to merge two more public sector banks of the district.
The recent merger of Vijaya Bank with Bank of Baroda has created a vacuum in the banking sector, he added.
The Pejawar pontiff highlighted the contributions of these two banks to the district’s economic development. He also briefed the minister on the Swadeshi Movement, which had led to the genesis of Corporation Bank. The bank, established by late Sri Haji Abdulla, should retain its historic identity, the seer urged.
Corporation Bank Officers’ Organisation President Y Sudhindra and General Secretary Satish Shetty briefed the minister on the achievements of the Bank and its financial strength. Historically, as well as in the immediate past, the mergers had not benefited the nation’s economy nor the merged banking entities, they pointed out.
The Minister, accepting the memorandum submitted by the delegation, promised to revisit the matter soon.