Demonstration against State bank merger move

Special Correspondent

THIRUVANANTHAPURAM: Bank employees under the banner of the United Forum of Bank Unions (UFBU) staged a demonstration before the headquarters of State Bank of Travancore (SBT) here on Wednesday to protest against the proposed move for the merger of the associate banks of State Bank of India (SBI).

The demonstration was in the context of the visit of Bharathi Rao, special officer and advisor appointed by the State Bank Group exclusively for the purpose of executing the merger proposal, to SBT headquarters for discussions with the bank’s top executives on Wednesday, UFBU leader Raja Kurup said in a release.

He said that all the bank unions had been vehemently opposing the merger proposal ever since it came up seriously more than a year ago. The unions were of the considered opinion that it was in the interest of neither any of the banks involved, nor the nation’s economy. The fall of some of the biggest banks in the United States recently, signalling the start of a global financial crisis, should provide sufficient warning against bank merger moves in India, he said.

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