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Bankers threaten nationwide strike on December 26 to protest merger of banks

1 December, 2018 1:16 PM
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Bankers threaten nationwide strike on December 26 to protest merger of banks

The government had in September approved the merger of three public sector lenders - Bank of Baroda, Dena Bank and Vijaya Bank. 

NEW DELHI: Bank unions have called for a nationwide strike on December 26 against the proposed merger of Bank of Baroda, Dena Bank and Vijaya Bank. The strike is being organised by the United Forum of Bank Unions (UFBU), an umbrella body of nine employee and officer unions.

The government had in September approved the merger of the three public sector lenders. Following the government nod, the respective boards of these banks gave their approval for the amalgamation. The merged entity will be third largest lender of the country after State Bank of India (SBI) and HDFC Bank.

Of the three banks, Dena Bank is the weakest, with non-performing asset (NPA) ratio of 11.04 per cent and business of Rs 1.72 lakh crore, as compared to 5.4 per cent NPA and Rs 10.2 lakh crore business of Bank of Baroda and 4.10 per cent NPA and Rs 2 lakh crore worth business of Vijaya Bank.

All India Bank Employees Association General Secretary CH Venkatachalam said that the strike is being called as the government and the concerned banks are moving ahead with their decision for amalgamation. National Organization of Bank Workers vice president Ashwani Rana confirmed that all unions under UFBU will participate in this strike call.

In a statement, the AIBEA said the unions in the banking sector were opposed to the merger of three banks. The AIBEA is one of the constituents of the UFBU.

Source: zeenews.india.com

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