Advertisement
Monday, Sep 26, 2022
Outlook.com
Outlook.com

Bank Employees Stage Protest Against Centre's PSB Merger Announcement

The BJP government at the Centre had on Friday 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.

Bank Employees Stage Protest Against Centre's PSB Merger Announcement
FM Nirmala Sitharaman | File Photo
Bank Employees Stage Protest Against Centre's PSB Merger Announcement
outlookindia.com
2019-09-01T14:37:32+05:30

Members of the All India Bank Employees' Association on Saturday staged a protest here against the Centre's decision to merge 10 public sector banks into four entities.

Employees of all public and private sector banks wore black badges to work as a mark of protest to the government's decision.

The Association's General Secretary, C H Venkatachalam said the government's move was "ill-timed" and needs a review.

A rally opposing it was also planned by the Association, Venkatachalam told PTI.

He alleged the merger of public sector banks would mean the closure of six banks.

The BJP government at the Centre had on Friday 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.

Finance Minister Nirmala Sitharaman Friday said 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.

"Government may call it a merger.. six banks which have been built up over the years will disappear from banking scenario", Venkatachalam said.

He recalled that when the financial recession was experienced world over in 2008, the domestic banking system was safe because of public sector banks.

On the further course of action, he said the Union would meet in New Delhi on September 11 to decide on going on strike.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement