Opposing State Bank of India's plan to acquire all its five associate banks, the employees of these associate banks have decided to go on a protest strike on May 20.

Describing the resolutions passed by the five associate banks today at Mumbai as "shameful", the All India Bank Employees Association (AIBEA) said this decision was "not in consonance" with what the Finance Minister Arun Jaitley had suggested in their meeting with him on March 23 and April 25.

AIBEA Secretary General C. H. Venkatachalam said in a statement on Tuesday that Jaitley had then opined that all the five banks can be made into one single entity.

"But what SBI and the associate banks are trying to do is the opposite to what the Finance Minister had suggested," Venkatachalam said.

AIBEA statement said that without any prior intimation, suddenly an agenda was brought at the board meetings of these five associate banks on Tuesday to "close down the associate banks and for acquisition by SBI".

Despite opposition and protest by all the AIBEA workman directors and few independent directors, the resolution was adopted, the AIBEA statement added.

"It is shameful that when the Government is talking of corporate governance and good governance, board agenda is brought without intimation on such a serious matter and decision is taken," the AIBEA statement said.

To express its resentment and protest to this "provocative" action of SBI and associate banks, AIBEA has called upon its members to hold demonstrations today and tomorrow before the branches of associate banks.

Srivats.kr@thehindu.co.in

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