Business Daily from THE HINDU group of publications
Thursday, Jan 10, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Jan 10, 2008 ePaper | Mobile/PDA Version |
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Public Sector Banks Money & Banking - Mergers & Acquisitions Government - Politics
K.R.Srivats New Delhi, Jan 9 Ahead of a crucial Cabinet meeting for approval of merger of State Bank of Saurashtra (SBS) with State Bank of India (SBI), pressure is mounting on the Government to reconsider the proposed consolidation efforts within the SBI Group. Members of Parliament have urged the Prime Minister, Dr Manmohan Singh, and the Finance Minister, Mr P Chidambaram, not to go ahead with the idea of merging associate banks into SBI, sources familiar with the development said. Opposing the merger of State Bank of Hyderabad (SBH), the Communist Party of India (CPI) MP, Mr S Sudhakar Reddy, has written to the Prime Minister that there was no need for the merger as SBH was “running excellently”, making profits and catering to the needs of the people in the erstwhile Nizam Princely State. SBH caters to the specific economic activities such as agriculture, small scale industries, self-help groups and overall rural development in the specific area of erstwhile Nizam Princely State. “If it is merged with SBI, it will do great damage to the economic activities of the area concerned”, Mr Reddy’s letter said. “We are opposed to consolidation in SBI Group and also in public sector banks. This has been conveyed to the Finance Minister today. I will continue to take it up at every level” Mr Gurudas Dasgupta, CPI MP and General Secretary of AITUC, told Business Line. Boards of 6 SBI associates to consider merger move on Jan 25 No moves yet on merger of other associates: SBH Unions oppose State Bank of Saurashtra merger with SBI Merger of SBI associates opposed More Stories on : Public Sector Banks | Mergers & Acquisitions | State Bank of India | Politics
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