SBT-SBI merger will affect services, employment: V S Achuthanandan

He said SBT had played a pioneering role in the state's development in every sphere of productive activity

Communist Party of India (Marxist) veteran V S Achuthanandan on Tuesday appealed to the Centre to stop the proposed merger of the State Bank of Travancore (SBT) with banking behemoth State Bank of India (SBI).

Taking into account views and wishes of the people of Kerala and the resolution adopted by the state assembly, the Union government must give up the merger plans and allow SBT to grow independently, he said at the inauguration of a 'Peoples Assembly', comprising customers, employees and shareholders under the auspices of 'Save SBT Forum' in Thiruvananthapuram.

The Centre should rescind moves to merge SBT with SBI, the former chief minister said.

Achuthanandan said SBT had played a pioneering role in the state's development in every sphere of productive activity like agriculture, small industry, trade and business and its role was commendable.

"Mergers will lead to closure of branches thus curtailing services to the common people and loss of employment opportunities," he said.

Kerala Pradesh Congress Committee president V M Sudheeran and Save SBT Forum chairman Panniyan Ravindran, among others were present during the event.

The assembly later adopted a resolution appealing to the central government to scrap SBT-SBI merger in the interests of all stakeholders and the resolution adopted by the assembly.