Association opposes merger of banks

Association opposes merger of banks

Mangalore Today News Network

Mangaluru, Feb 17,2017: Members of the Udupi District Bank Employees Association staged a dharna in front of the Clock Tower here on Thursday opposing the merger of five subsidiary banks into the State Bank of India (SBI).

Addressing the protesters here, Admar Sripathi Acharya, convener of Joint Council of Trade Unions (JCTU) said that the association opposed the decision of the Union government to merge the State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad with State Bank of India.

The intention to merge these subsidiary banks which had their own identity and had served people was wrong. After the merger, the branches of many subsidiary branches in rural and semi-urban areas would be closed. This would affect the people in the rural and semi-urban areas. The staff in these banks too would be affected as they would be subject to reckless transfers.

After making the State Bank of India a big bank, the government’s intention was not to keep it under its control, but to privatize it, Mr. Acharya said.

Ram Mohan, President of the Association, Herald D’Souza, Secretary, and other office bearers, were present.

Courtesy: The Hindu