Employees of State Bank of Mysore (SBM) took out a strike here on Friday to protest against the proposed merger with State Bank of India (SBI).
They staged a demonstration near the main branch of SBM at B.H. Road in the city. The employees remained off work in 40 branches of SBM in the district owing to which transactions were paralysed.
Addressing the protest meet, H.C. Ravi Kumar, joint secretary of SBM Employees Union (SBMEU) said the proposal was against the interest of SBM employees. Along with SBM, it has been planned to merge State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Hyderabad, and State Bank of Patiala with SBI. The merger would weaken public sector banking industry and would pave way for privatisation.
Mr. Kumar expressed apprehension that the merger would result in trimming the size of the workforce and in reducing the number of branches of the associate banks in the name of rationalising operations.
The workers of associate banks would also be compelled to forsake rights they were legally entitled to following the merger.
Mr. Kumar said that the merger was also against the spirit of financial inclusion.
