The Hindu Business Line : SBIOA opposes move to dilute Govt equity in banks

THE State Bank of India Officers' Association (SBIOA), Chennai Circle, has termed the move for merger and consolidation of banks a retrograde step and opposed any move to dilute the government equity in public sector banks.

The association at its 22nd general conference held at Tiruchi, said any restructuring of banks facilitating take over by foreign banks would not be in the interest of Indian business and economy. The present market oriented reforms as enunciated by the World Bank and others in the West, are ill-conceived.

The meeting, by a resolution, called upon State Bank of India not to unilaterally accept anything regarding the already negotiated service conditions or human resources or development issues, based on the Centre's Managerial Autonomy Package.

The Indian Banks' Association was warned of retaliation if it failed to accommodate the views of the unions on the issues of pension and salary revision at the meeting scheduled for April 13, the sources said.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Basel II Accord: More credits than debits

Gilts range-bound; rupee tad firmer

Aegon in talks with potential Indian partners

MetLife branch inaugurated at Mangalore

New norms for marine insurance schemes — IRDA dashes shipping cos' hopes to cut cost

Higher provisioning to trim United Bank's profit

IOB performance to be impressive, claims its CMD

ING Vysya hopes to reduce NPAs to 2 pc

Centurion Bank plans to launch credit card

SBIOA opposes move to dilute Govt equity in banks

IOB officers union against GDR issue

ICICI Group forays into realty — Arm sets up dedicated fund; partners Tishman Speyer