Bank unions to protest in front of Parliament on Dec 10

Mumbai: Thousands of employees of various state-run banks are planning to stage a sit-in on December 10 in front of the Parliament to protest against the government’s mega merger plan of public sector banks. In August, the government announced its plan to merge 10 public sector lenders into four to create fewer and stronger global-sized banks. It had announced four new set of mergers of state-run banks– Punjab National Bank taking over Oriental Bank of Commerce and United Bank of India; Syndicate Bank merging with Canara Bank; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank; and Indian Bank will merge with Allahabad Bank. “Government has been pursuing the policy of merger of public sector banks despite the adverse implications. Experience of mergers in the country and elsewhere has clearly shown that no benefit accrues to any of the stakeholder,” a statement issued here said. pti