SBI Staff Association calls country-wide protest tomorrow

Kolkata, Jun 28 (UNI) State Bank of India Staff Association will organise a country-wide demonstration tomorrow in front of all SBI branches across the country in protest against the promulgation of a recent ordinance in Parliament.

The Staff Association, in a release, said promulgation of the ordinance by the Union government(taking over ownership of SBI from the Reserve Bank of India) would expose the State Bank of India to a 'vulnerable' situation.

It said, ''We are opposed to the present move as the same will pave the way of reducing the share of state ownership of 59.73 per cent, at present held by RBI, to 51 per cent without further approval of Parliament.'' The release also said at the time of transformation of Imperial Bank of India to State Bank of India, the Central Board of Reserve of India had endorsed the Governor's proposal for vesting the major ownership of the share capital of the State Bank of India solely with RBI in order to ensure greater flexibility and efficient banking service.

UNI