A substantive motion moved by Chief Minister Pinarayi Vijayan, asking the Union government and the RBI to desist from merging the State Bank of Travancore (SBT) with the State Bank of India (SBI), was adopted by the Assembly on Monday.
O. Rajagopal was the sole legislator to oppose the motion.
He said the Congress and the Communist parties had come together to create an “anti-Modi” sentiment. India did not have a bank large enough to be a world player. The decision was taken after a deep study, he said.
ADVERTISEMENT
Finance Minister Thomas Isaac denied any political conspiracy against the Centre. Nobody was against the emergence of a big bank in India. The MLAs were only opposing the merger of the SBT with the SBI.
Earlier, moving the resolution, Mr. Vijayan said the State shared an emotional bond with the SBT. Its disappearance would adversely affect investment in Kerala.
Congress MLA V.T. Balaram said that if the merger took place, the SBI could lose sight of its welfare-oriented lending policies and become corporatised. Indigent sections of society would not find themselves welcome in its halls anymore. He said his party backed the motion.
ADVERTISEMENT
S. Sarma of the CPI(M) described the SBT as the “mother bank of Kerala”. He said the resolution should be followed up on the street with a popular movement against the merger move. Ayesha Potti of the CPI(M) said SBT employees could end up as second-class citizens, post-merger.
Supporting the motion, Anoop Jacob of the Kerala Congress (Jacob) said the SBT had a long history of community service in Kerala. There were fears that the merger was designed to help bigwigs such as Adani Group.
M. Shamshudeen of the Indian Union Muslim League said the decision to merge the State Bank of Hyderabad and the SBT with the SBI was a blatant attack on the federal spirit of the Constitution.
Summing up, Mr. Vijayan said the mergers of other associate banks with the SBI could not be compared with the proposed merger of the SBT. The bank was in a robust condition.
The MLAs were only opposing the merger of the SBT with the SBI.
Earlier, moving the resolution, Mr. Vijayan said the State shared an emotional bond with the SBT. Its disappearance would adversely affect investment in Kerala. Congress MLA V.T. Balaram said that if the merger took place, the SBI could lose sight of its welfare-oriented lending policies and become corporatised. Indigent sections of society would not find themselves welcome in its halls anymore. He said his party backed the motion.
S. Sarma of the CPI(M) described the SBT as the “mother bank of Kerala”. He said the resolution should be followed up on the street with a popular movement.
Summing up, Mr. Vijayan said the mergers of other associate banks with the SBI could not be compared with the proposed merger of the SBT. The bank was in a robust condition.