Date:26/07/2008 URL: http://www.thehindu.com/2008/07/26/stories/2008072653590700.htm

Kerala

AIBEA opposes bank merger

Staff Reporter

KOCHI: All India Bank Employees’ Association (AIBEA) has said it is opposed to the bank merger policy.

In a statement, the association said within 48 hours after managing to win the confidence vote, the Union Cabinet decided to issue an order sanctioning SBI-State Bank of Sourashtra merger.

Merger of public sector banks to ‘up-scale in terms of footprint, manpower and other resources’ as claimed by the government would mean closure of bank branches and staff reduction. The allocation of resources from the rural poor to urban rich would lead to dismantling of country’s mass banking systems and practices, the statement said.