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Merger woes: Bank officers associations to meet in Delhi today
New Delhi, Sep 05: Opposing the merger of banks, officers associations of various banks will meet in the national capital today (Thursday) to chalk out the future course of action, a top official of All India Andhra Bank Officers Association said.
Finance Minister Nirmala Sitharaman had last week announced the merger of Oriental Bank of Commerce and United Bank with Punjab National Bank, Syndicate Bank with Canara Bank, while Andhra Bank and Corporation Bank will merge with Union Bank of India.
Besides,
Indian
Bank
will
be
merged
with
Allahabad
Bank,
making
it
the
seventh-largest
state-owned
bank.
Andhra
Bank
is
the
second
city-based
bank
which
will
lose
its
geographical
identity.
Mega-merger
woes:
Bank
officers
associations
to
meet
in
Delhi
today,
will
decide
on
the
future
course
of
action
file
image
of
Union
Finance
Minister
Nirmala
Sitharaman.
PTI
Earlier,
State
Bank
of
Hyderabad,
an
associate
bank
of
State
Bank
of
India
was
merged
with
its
parent
organization
in
April
2017.
"We are opposing the merger of banks. We will organize various protest programs against the merger. The executive committee of the All India Bank Officers Confederation (AIBOA) will meet in Delhi on Thursday. All the general secretaries of all banks' officers associations will meet there and finalize the action program to oppose the merger," association member Satyanarayana told PTI.
The city-based Andhra Bank was founded by eminent freedom fighter Dr. Bhogaraju Pattabhi Sitaramayya.
The bank was registered on November 1923 and commenced business in the same month with a paid-up capital of Rs 1 lakh and an authorized capital of Rs 10 lakh.
Currently, the public sector lender has 2,900 branches across the country with 21,000 employees, including 11,000 officers.
"The bank was not started for commercial gains, but for a social purpose. It has completed 96 years," Satyanarayana said.
Following the officers' bodies meeting, the United Forum of Bank Unions (UFBU), the umbrella body of nine banking sector trade unions, will meet on 11 September to announce their plan of action against the merger, he said.
In FY19, Andhra Bank did a total business of Rs 3,98,511 crore. Total Income for the 2018-19 fiscal stood at Rs 20,977 crore. It suffered a loss of Rs 2786.12 crore for the year.
