Forum protests bank merger

Tribune News Service
Chandigarh, August 31

Members of the local unit of the United Forum of Bank Unions (UFBU) held a demonstration at the Bank Square in Sector 17 here today against the proposed merger of 10 public sector banks (PSBs). Addressing the protesters, Sanjay Sharma, convener, UFBU, stated that the forum was represented by more than 10 lakh bank officers/employees across the country.

Criticising the government for its move to merge public sector banks, Sharma said the PSBs had played a vital role in the overall development of the country, be it social sector schemes, community sector or credit to small and marginal sector.

The merger of the PSBs would pave the way for gradual shift towards the era of the rise and dominance of private sector/big corporate.

“The banking sector across the global is replete with examples such as failure of merger of Merrie Bank, Lyench Bank of America and Dresden Bank etc.”

Even the merger of country’s largest bank State Bank of India with its five associates and Bharatiya Mahila Bank did not yield good results. A number of branches were closed and it posted a net loss after the merger of Dena Bank and Vijaya Bank with the Bank of Baroda.