Public sector banks merger: ‘wrong decision’ at ‘wrong time’ : AIBEA

Public sector banks merger: ‘wrong decision’ at ‘wrong time’ : AIBEA

Agency News

Hyderabad, Aug 31: Terming the 'big bang' announcement by Finance Minister Nirmala Sitharaman that 10 Public Sector Banks (PSBs) be merged into four Banks, All India Bank Employees' Association (AIBEA) said it is a 'wrong decision' at a 'wrong time' and ill-conceived and ill-timed.

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.

He said 'the meaning is that 6 Banks will now get closed. Government may call it a merger but in reality it is ''cold-blooded'' murder of 6 Banks. Because, after merger, these 6 Banks which have been built up over the years, will disappear from the banking scenario', Mr Venkatachalam said.

Calling upon the Bank employees under the banner of AIEBA to oppose the proposed closure of these 6 Banks, the top union leader said, ''we shall shortly launch agitations and strikes.'' UNI