The Hindu Business Line : Plea against bank merger

KOCHI: The eventuality of a take over of Federal Bank despite its sound financial position, the All-Kerala Bank Employees Federation has said that it will be the first to step in discarding the mass banking concept in the country.

"The reported moves of take over of Federal Bank by new generation domestic-foreign banking groups will lead to the total discarding of social development mass oriented banking practices being followed by the bank," the Federation has said in a statement issued here.

The bank has been contributing towards the development of the State. If the control of the bank, which is having a strong presence in rural areas is taken over by any private/foreign banking groups with profit as the sole motive, class banking and branch closures will follow leading to the curtailment of services to the common masses, the statement added. The AKBEF has appealed to the customers and banking public to keep vigil over such moves.

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