 Early Times Report
Jammu, Dec 26: All India Bank Officers' Confederation (AIBOC) and workers observed one day strike by protesting against proposed merger of three public sector banks mainly Bank of Borada, Dena Bank and Vijaya Bank by government of India
The protest was held by the officers and employees working in the public sector and old generation private sector banks. In Jammu, the striking employees held a massive demonstration at SBI, Zonal Business office, Railway head complex Jammu.
The protesters raised slogans against the Government of India and Finance Ministry for forcing merger of three banks without following lawful process.
Suresh Wali, State Secretary, AIBOC, said that of the three banks, Vijaya Bank was the only public sector bank besides Indian Bank, which showed a profit during financial year 2018. By merging Vijaya Bank with Dena Bank which has a huge NPA level of 24.9% and Bank of Baroda, which carries a NPA baggage of 13.2%, even Vijaya Bank is expected to become a loss making entity.
He said all the previous misadventures of bank mergers have proved as total failures. Historically speaking, the merger of new bank of India with PNB in 1993 resulted in PNB suffering a loss of 93 crores.
He added that the SBI had a glorious history of more than 200 years and never in the past had it ever shown a loss. But in FY 2018, after the merger, SBI for the first time showed a huge loss. Besides, post merger, 1805 branches were closed down and 15762 employees and officers opted for VRS, adding all the more to the woes unemployment already assuming alarming proportions in the country.
Wali said that views of RBI are mandatory in respect to merger but government never disclosed the views of RBI at large. He stated various laws and provisions against merger of banks.
"Government was behaving in a high handed manner and going ahead with mergers ignoring the perils post merger. He appealed to the Finance Minister to see reason and put the process on hold, at least till the further process as envisaged under the law, is followed. |
