The Hindu Business Line : IDBI merger: Happy Dussera for UWB customers

"I have been a customer of United Western Bank for approximately 10 years and I am satisfied with the way the branch is operating after the merger," a relieved Mr Jeevan Dalvi, an officer at Mangalam Drugs, told Business Line. "The branch is functioning smoothly and there was no confusion."

IDBI banner

Long queues marked the re-opening of the around 230 branches under the IDBI banner. There was no panic outside the Fort branch of UWB in Mumbai. The Reserve Bank of India has approved the merger of the banks and lifted the moratorium on UWB effective from Tuesday.

"I am also a customer with IDBI Bank and, moreover, it is one of the reputed banks so there is no panic among the customers," pointed out Mr Dalvi.

Public opinion

Customers, shy of the media, refused to give details but said they were satisfied with the functioning of the branch. The Fort branch opened on schedule and cash transactions were brisk.

"Around three top officials from IDBI visited the branch and addressed the staff," said a senior official at the branch. "We are getting instructions from them and the working is normal. However, clearing of cheques will start tomorrow."

Customers were informed about the branch's functioning well in advance and officials were present in full strength to help them. "I have not faced any problems with the bank and have been a customer for long," said another individual who spoke on the condition of anonymity.

"The branch has been functioning at its usual timings and there is no scope for nervousness. Moreover, the merger details are out in the newspapers," he said.

Mr V.P. Shetty, Chairman and Managing Director, IDBI Ltd, told a press conference in Pune, "The bank would focus on priority areas like corporate finance, agriculture and SME. UWB would function as a strategic business unit."

He said IDBI has around 4,500 employees on its rolls and would be absorbing the 3,028-strong UWB employees. IDBI has kept open the voluntary retirement option but would not like to go ahead with it, as it required the entire staff. However, if the employees desired retirement they could put in their applications, he added.