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Opposing merger with SBI, unions in associate banks to strike work

Despite opposition and protest by all the AIBEA's Workman Directors and a few other independent directors about the proposal and the procedure adopted, the resolution has been approved in this regard

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IANS  |  Chennai 

An electrician puts lights on the logo of State Bank of India at its main branch in Mumbai
An electrician puts lights on the logo of State Bank of India at its main branch in Mumbai

Opposing the decision of boards of directors of five associate of State Bank of India (SBI) to close down and merge with SBI, the All India Bank Employees' Association (AIBEA) has called a strike on May 20.

In a statement Tuesday, AIBEA said it has called an all-India strike in the five associate -- State Bank of Travancore (SBT), State Bank of Mysore (SBM), State Bank of Hyderabad (SBH), State Bank of Bikaner and Jaipur (SBBJ), and State Bank of Patiala (SBP) -- on May 20.

According to AIBEA, at the board meetings of the five associate held in Mumbai on Tuesday, an agenda was brought to close down the associate banks and for acquisition by

"Despite opposition and protest by all the AIBEA's Workman Directors and a few other independent directors about the proposal and the procedure adopted, the resolution has been approved in this regard," the statement said.

"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," AIBEA added.

According to the statement, the decision of the five banks is not in consonance with what Minister Arun Jaitley had suggested to the union at their meeting on March 23 and April 25 this year.

"He 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 FM (minister) had suggested," AIBEA said.

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First Published: Tue, May 17 2016. 17:37 IST
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