Bank Merger: UFBU stages protest in Delhi

Bank Merger: UFBU stages protest in Delhi

Agency News

New Delhi, Aug 31: Members of United Forum of Bank Unions (UFBU) on Saturday staged protest here, against the major policy decision taken by the Government on amalgamation of 18 Public Sector Banks into four banks in an effort to impart them with a globally competitive edge. All India Bank Employees' Association (AIBEA) said the 'big bang' announcement by Finance Minister Nirmala Sitharaman that 10 Public Sector Banks (PSBs) be merged into four Banks, is a 'wrong decision' at a 'wrong time' and ill-conceived and ill-timed. Employees of all public and private sector banks wore black badges to work as a mark of protest to the government's decision.

The merger of 10 PSBs (PNB, Canara Bank, Union Bank of India, Indian Bank, United Bank of India, Allahabad Bank, Syndicate Bank, Corporation Bank, Oriental Bank of Commerce and Andhra Bank) needs a review, AIBEA General Secretary Ch Venkatachalam said. Union Finance Minister Nirmala Sitharaman announced the merger of Punjab National Bank (PNB), Oriental Bank of Commerce (OBC) and United Bank of India with a total business of Rs 17.95 lakh crore and a network of 11,437 branches, making it the second-largest public sector bank in the country. Earlier, there were 27 public sector banks in the country. UNI