fifty years ago | November 27, 1967 Archives

Plea to merge subsidiaries with State Bank

Merger of the seven subsidiary banks of the State Bank of India with the State Bank and statutory protection to the officers of the State Bank and the subsidiary banks were demanded at a conference of the All-India Officers of the Subsidiary Banks of the State Bank here [Hyderabad] to-day [November 26]. Mr. B.V. Gurumurthi, Minister for Industries, who inaugurated the conference, supported the merger plea. He welcomed the idea of officers forming an association to protect their interests. At a time when the officers of the State Bank were to be burdened with additional responsibilities in view of possible social control of banks, “frustration and demoralisation” among the officers would not be conducive to better functioning of the banks, he said. The demand of the officers for statutory protection was justified he said and added, there were a number of anomalies in regard to pay, allowances and promotions which had to be removed. The Minister wanted more representation to local people on the board of directors of the subsidiary banks. Mr. P. Seethapathi Rao, General Manager, State Bank of Hyderabad, presided.

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Printable version | Aug 10, 2020 4:16:16 AM |

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