Mega merger of PSBs: Employees unions of state-run banks to stage sit-in before Parliament on 10 December

In August this year, the government announced its plan to merge 10 PSBs into four to create fewer and stronger global-sized banks.

Press Trust of India November 21, 2019 16:59:46 IST
Mega merger of PSBs: Employees unions of state-run banks to stage sit-in before Parliament on 10 December
  • The bank employees claimed that in the name of rationalisation of branches, a large number of branches would be closed, affecting the common man

  • They are of the view that mergers of state-run banks will definitely deprive affordable banking to the poor and the needy

  • Mergers create monopolistic situation and cost of banking services is bound to go up, hurting the interest of the common man, they said

Mumbai: Thousands of employees of various state-run banks are planning to stage a sit-in on 10 December in front of the Parliament to protest against the government's mega merger plan of public sector banks (PSBs).

In August this year, the government announced its plan to merge 10 PSBs into four to create fewer and stronger global-sized banks.

It had announced four new sets of mergers of state-run banks—Punjab National Bank taking over Oriental Bank of Commerce and United Bank of India; Syndicate Bank merging with Canara Bank; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank; and Indian Bank will merge with Allahabad Bank.

Mega merger of PSBs Employees unions of staterun banks to stage sitin before Parliament on 10 December

File image of the Parliament House. PTI

"Government has been pursuing the policy of merger of public sector banks despite the adverse implications. Experience of mergers in the country and elsewhere has clearly shown that no benefit accrues to any of the stakeholder," a statement issued here said.

Bank employees will stage dharna on 10 December in front of the Parliament, it said. The dharna has been called by six bank unions.

They claimed that in the name of rationalisation of branches, a large number of branches would be closed, affecting the common man.

"Mergers of state-run banks will definitely deprive affordable banking to the poor and the needy," they said.

The attention of the banks will be shifted from recovery of bad loans and serving the common people to merger-related complications.

"Mergers create monopolistic situation and cost of banking services is bound to go up, hurting the interest of the common man," it said.

Bank employees affiliated to six bank unions- All India Bank Employees' Association (AIBEA), All India Bank Officers Confederation (AIBOC), All India Bank Officers' Association (AIBOA), Bank Employees' Federation of India (BEFI), Indian National Bank Employees Association (INBEF) and Indian National Bank Officers Congress (INBOC), have called for the sit-in.

Earlier on 22 October, bank employees affiliated to AIBEA went on a one-day nation-wide strike to protest against the merger of state-run banks.

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