The Hindu Business Line : Call for white paper on bank mergers

Kochi, March 14 The Syndicate Bank Staff Association (SBSA) has urged the Centre to publish a white paper on merger of banks saying that this phenomenon has become a daily affair.

Mr K.S. Bhat, All India Secretary of SBSA, said that bank mergers were taking place without any blueprint ad principle. The current merger process, he said, “has no far-sightedness and is against the principle of Mass Banking”.

The Indian Banks Association’s stand before the negotiation table with UFBU is absolutely wrong and unbelievable, he remarked.

‘Confusion’

Banking clientele is under confusion because of the frequent merger of banks. Lord Krishna Bank merged with Centurion Bank of Punjab in August 2007 and now again it is going to be merged with HDFC and prior to this Centurion Bank was merged with the Bank of Punjab, he said.

Such frequent mergers, without proper debate in the Parliament, would also hamper the goodwill of the banks among the common man.

Mr Bhat also demanded that the IBA come forward for an early wage revision, as the 8th bi-partite settlement expired in October 2007.

Besides, he said, the grass-root level branches of most banks are unable to render proper services to customers owing to acute shortage of staff and immediate measures should be taken by the Government to recruit people.

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