State Bank of Indore staff protest proposed merger with SBI

June 22nd, 2009 - 9:08 pm ICT by IANS  

State Bank of India Bhopal, June 22 (IANS) More than 6,000 employees of State Bank of Indore went on a strike Monday to protest the proposed merger with State Bank of India, staff union leaders said here.
“All branches remained closed. The merger plan will not be tolerated,” said J.P. Jhanwar, the national general secretary of the bank’s Officers Coordination Committee.

“The merger is not appropriate as all associate banks are doing good work in their respective areas. Size alone does not make a bank globally competitive as is evident from the collapse of some big banks in the West,” he said.

The board of the Indore-based bank Friday passed a resolution approving the proposed merger with the State Bank of India (SBI).

State Bank of Indore managing director Soundara Kumar said in Indore: “I foresee the merger to be complete by December-end, subject to necessary government approvals.”

Employees were happy with the proposed merger, Kumar said, adding: “We had conducted an intranet poll which revealed that 90 percent of employees are in its favour as the move will be beneficial for all the parties concerned - the employees, the customers and the bank.”

According to him, the only people opposed to the merger were the union leaders and not the employees, who he said would now get enhanced retirement benefits such as pension and better career opportunities.

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