On 30 August govt was decided that 10 public sector bank will be merged into 4 entities. Just a day after against the Centre’s decision, members of the All India Bank Employees’ Association on Saturday staged a protest in Chennai against the government’s move. Similar protests took place in Bhopal, Kolkata, and some other parts of the country as well.
As a mark of protest to the government’s decision, employees of all public and private sector banks in Chennai wore black badges to work.
The Association’s General Secretary, C H Venkatachalam told that the government’s move was “ill-timed” and needs a review. A rally opposing it was also planned by the Association, Venkatachalam told the news agency.
On Friday, the BJP government at the Centre unveiled a mega plan to merge 10 public sector banks into four, to create fewer and stronger global-sized bankers as it looks to revive economic growth. The merger of public sector banks would mean the closure of six banks, he claimed.
10 public sector banks — Punjab National Bank, Canara Bank, Union Bank of India, Indian Bank, United Bank of India, Allahabad Bank, Syndicate Bank, Corporation Bank, Oriental Bank of Commerce and Andhra Bank would be merged, Union Finance Minister Nirmala Sitharaman said yesterday during a press conference.
“Government may call it a merger.. six banks which have been built up over the years will disappear from banking scenario,” Venkatachalam said as he recalled that when the financial recession was experienced world over in 2008, the domestic banking system was safe because of public sector banks.
When asked on the further course of action he said that the Union would meet in New Delhi on September 11 to decide on going on strike.