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Our Bureau

Kochi, Aug. 23

Terming the proposed merger of Lord Krishna Bank with Centurion Bank of Punjab as anti-people and anti-employee, the LKB Employees Union held protest demonstration at the bank's head office. The All Kerala Bank Employees Federation leaders spearheaded these protest demonstrations.

They warned that stronger forms of protests would be resorted to in the event of the managements of both the banks going ahead with the merger proposals. Merger with a new generation bank such as Centurion Bank of Punjab would be a move to undermine the concept of social banking, LKB employees warned.

Meanwhile, the Bank Employees Federation of India (BEFI) has urged the RBI not to accord permission to the merger in the larger interest of the customers and workers. BEFI pointed out that LKB has major clientele in small and middle-class customers. They also added that the board meeting of both the banks to be held on September 4 is expected to chalk out a detailed merger programme, following which the banks would approach the RBI for final approval.

BEFI said that efforts were in progress and informal talks were taking place at various levels to merge LKB with a public sector bank. Banks in India have to fulfil the Basle II norms by 2007. Instead of permitting the proposed LKB - Centurion Bank of Punjab merger, BEFI asked the RBI to initiate steps to merge LKB with a strong public sector bank.

More Stories on : Trade & Labour Unions | Private Banks | Mergers & Acquisitions

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