Exempt SBT from merger, says Finance Minister

Thiruvananthapuram, Sep 28 (UNI) Stating that the merger of the State Bank of Travancore (SBT) with the State Bank of India (SBI) is against the state's developmental interests, Kerala Finance Minister T M Thomas Isaac today said the Centre and the Reserve Bank of India should desist from the move.

Talking to newspersons here, he said the government would inform its resentment to the SBI Director Board.

Though the state welcomed the Centre's stand over the need of a single and strong bank to counter the challenges faced in the banking sector, it should exempt the SBT from the merger, considering the special situation prevailing in the state, he said.

The employees, under the banner of All India Bank Employees Association (AIBEA) and the All India Bank Officers Association (AIBOA) called for a nation-wide strike yesterday, opposing the merger of subsidiary banks with the SBI.

Along with the SBT, the State Bank of Patiala, State bank of Mysore, State Bank of Hyderabad, State Bank of Indore and State Bank of Bikaner and Jaipur were also on strike.

UNI