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Bank Employees to go on a 2-Day Strike To Protest Mega Merger

The United Forum of Bank Unions (UFBU) which the umbrella body of nine bank employees unions, are going to stage a peaceful demonstration on 20 September outside the Parliament to oppose the government’s recent mega public sector bank merger plan, a PTI report said.

In August, Finance Minister Nirmala Sitharaman had announced the government will merge 10 public sector banks into four to create fewer lenders with stronger balance sheets to compete globally.

“We oppose the merger of 10 PSBs into four banks, as announced by the Finance Minister Sitharaman, and have decided to hold a dharna before Parliament on September 20,” UFBU said.

The Union body will also submit a memorandum to the finance minister.

The government has identified four state-run banks- Punjab National Bank, Canara Bank, Union Bank of India and Allahabad Bank as the anchor banks for the merger process.

Punjab National Bank will absorb Oriental Bank of Commerce and United Bank forming the second largest public sector bank. Canara Bank and Syndicate Bank will merge to become fourth-largest PSB.

Union Bank of India will merge with Andhra Bank and Corporation Bank while Allahabad Bank will absorb Indian Bank.

Following the mergers, the number of state-run banks will come down to 12 from 27 in 2017.

Source: goodreturns

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