Kerala - Thiruvananthapuram   

AITUC flays bank merger move

THIRUVANANTHAPURAM: The Kerala State Council of the AITUC has come down heavily on the proposed merger of State Bank of Travancore (SBT) with State Bank of India (SBI).

In a statement here on Friday, the AITUC State working committee said the merger was meant only to help corporates and speculators.

The move gained pace with the SBI director board submitting a proposal for merger of State Bank of Saurashtra with the SBI. This would undermine the policy of people’s banking inaugurated with bank nationalisation in 1969, it said.

The AITUC leadership said the merger would result in closure of branches of the associate banks and retrenchment of workers in the banking industry.

It would also spell the end of the people friendly banking practices such as credit support for farmers, small traders and student and would leave the banking sector open to the capitalists who wished to reap undue profits using bank credit, the AITUC working committee said.

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