Friday, Sep 17, 2004
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Kochi
By Our Staff Reporter
KOCHI, SEPT. 16. The Rajya Sabha member, K. Chandran Pillai, has condemned the reported move by ICICI Bank to initiate steps to take over the Aluva-based Federal Bank. He appealed to the Union Government and the Reserve Bank of India to intervene to prevent such a takeover. In a statement issued to the press here on Thursday evening, Mr. Pillai said that the Federal Bank, with its roots in Kerala, had grown into a major influence on the economy of the State. The bank, which had made a net profit of Rs. 136 crores during the last financial year, had most of its branches in rural areas. The bank has grown into what it is today with money from ordinary depositors, said Mr. Pillai. He alleged that if ICICI Bank took over Federal Bank a section of the people would lose their banking facilities, as the ICICI was prone to `discrimination' in its banking activities. If the takeover became a reality rural branches would be wound up and a peoples' banking system would be wiped out, he alleged. Meanwhile, the All-Kerala Bank Employees' Federation has alleged that social banking would disappear if the proposed mergers and acquisitions take place in the banking sector. The reported moves by new generation domestic and foreign banks to take over the Federal Bank will lead "to total discarding of social, developmental mass oriented banking practices being followed by the Bank," said a press release from the federation here today.
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