State-wide bank strike on Oct 3

Kochi, Sep 27 (UNI) Extending solidarity to the ongoing agitation of the unions of Lord Krishna Bank (LKB) opposing the merger with the new generation Centurion Bank of Punjab (CBoP), the United Forum of Bank Unions today called for a state-wide bank strike on October three.

Talking to mediapersons here, Forum state convener V J John said the proposed merger was detrimental to the interests of banking sector in Kerala as it would lead to curtailment of social banking services.

He alleged that the merger was not based on sound economic logic as CBoP has 73 per cent aggregate foreign holding and incurred huge losses in the last five years.

The forum, comprising nine unions in the state, also sought a high-level inquiry into the proposed merger as there were serious omissions, lapses and dereliction of supervisory and regulatory functions.

The forum urged the Centre and the Reserve Bank of India to initiate steps to merge LKB with a public sector bank.

As part of the agitation, bank employees and officers would sport black badges tomorrow, take out rallies and hold public meeting on September 29 and 30, Mr John said.

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