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Bank unions will go on strike on March 27th to oppose bank mergers

Two big unions in the banking sector, All India Bank Employees’ Association (AIBEA) and All India Bank Officers Association (AIBOA) will go on strike on March 27th to oppose bank mergers

Two big unions in the banking sector, All India Bank Employees’ Association (AIBEA) and All India Bank Officers Association (AIBOA) will go on strike on March 27th to oppose the mega bank mergers approved by the Union Cabinet on Wednesday.

This comes days after bank unions called off a three-day bank strike which was scheduled from March 11. The strike had been called after talks over wage revision failed to initiate with the Indian Banks’ Association (IBA).

The Cabinet on Wednesday approved merger of 10 public sector banks, including Allahabad Bank, Andhra Bank and OBC, to create large four state-owned lenders with effect from April 1.

In one of the biggest consolidation exercises in the banking industry, the government last year announced amalgamation of the Oriental Bank of Commerce and the United Bank of India with the Punjab National Bank, of the Syndicate Bank into the Canara Bank, of the Andhra Bank and the Corporation Bank into the Union Bank of India, and of the Allahabad Bank into the Indian Bank.

After the mergers in SBI NSE 1.12 % and last year in Bank of Baroda, the government has announced the merger of 10 banks which simply means that six banks – Andhra Bank, Allahabad Bank, Corporation Bank, Oriental Bank of Commerce, Syndicate Bank and United Bank of India will be closed down, he said.

Source: economictimes.indiatimes

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