New Delhi: All India Bank Employees' Association staged a protest on Saturday against the Centre's decision to merge 10 public sector banks into four mega lenders. Employees of all private and public sector banks wore black badges to protest against the government's decision.
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The Association's General Secretary, CH Venkatachalam, said that the government's move was "ill-timed" and needed to be reviewed. He alleged that the amalgamation would mean the closure of six banks.
"Government may call it a merger… six banks which have been built up over the years will disappear from banking scenario," Venkatachalam said. He said that the union would meet on September 11 and take a call on how to take the agitation forward.
The BJP government announced a mega plan to merge 10 public sector banks into four in a bid to strengthen the finance sector. Finance Minister Nirmala Sitharaman said on Friday that 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.