The Hindu Business Line : Merger of SBI associates opposed

Visakhapatnam April 11 The All-India State Bank Officers' Federation is opposed to the proposal to merge the four subsidiaries in the State Bank of India, "as it is a retrograde one which will lead to reduction in the number of branches and other undesirable effects."

Mr G.D. Nadaf, General Secretary of the Federation, said at a press meet here on Tuesday that the Union Finance Minister, Mr P. Chidambaram, had reportedly instructed the SBI board to go ahead with the preliminaries for the merger of the four subsidiaries in the parent bank. "We are opposed to it and the unions in the subsidiaries are also opposed to the proposal. These four subsidiaries serve the needs of different regions in the country and the move to merge them is ill-advised," he said.

`Virtual merger'

He said there was anyway "a virtual merger" with the four subsidiaries sharing a common ATM network and several other features with the SBI.

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Merger of SBI associates opposed