Chennai, Sep 21 (UNI) All employees and officers working in the associate banks of the State Bank of India (SBI) will observe a protest strike all over the country on September 27 to oppose the proposal of the SBI to merge the associate banks with itself.
In a press release here today, All India Bank Employees Association (AIBEA) General Secretary C H Venkatachalam said the proposal was made on the plea that the SBI had to be strengthened.
He said if the SBI had lost its market share or had to be strengthened, it should not be by closing down the associate banks in the name of merger as it would only result in increasing the monopoly of the banks and cater to big tickets at the cost of social objectives.
Providing statistics, Mr Venkatachalam said the associate banks had over the years progressed with overwhelming contribution to the economy and the development of states where they were predominantly located.
Mr Venkatachalam claimed the merger would only disturb their developmental role and 'result in closure of a large number of branches and consequent displacement and forced exit of staff.' UNI