Merger problems: Bank officials associations will meet in Delhi on September 5
HYDERABAD: When opposing the merger of the banks, the associations of officials of several banks will meet in the national capital on September 5 to chart the course of future action, a senior official of the All India Officers Association said on Tuesday Andhra Bank
Finance Minister Nirmala Sitharaman announced last week the merger of Oriental Bank of Commerce (OBC) and United Bank with Punjab National Bank (PNB), Syndicate Bank with Canara Bank, while Andhra Bank and Corporation Bank will merge with Union Bank of India
In addition, Indian Bank will merge with Allahabad Bank, making it the seventh largest state bank.
Andhra Bank is the second bank based in the city that will lose its geographical identity.
Previously, the State Bank of Hyderabad, an associate bank of the State Bank of India (SBI) merged with its parent organization in April 2017.
We oppose the merger of banks. We will organize several protest programs against the merger.
On September 5, the Executive Committee of the All India Bank Confederation of Officers (AIBOA) will meet in Delhi.
All the general secretaries of the associations of officials of all the banks will meet there and finalize the action program to oppose the merger, Satyanarayana told PTI.
The Andhra Bank, based in the city, was founded by the eminent freedom fighter Dr. Bhogaraju Pattabhi Sitaramayya.
The Bank was registered in November 1923 and began operating in the same month with a disbursed capital of Rs a lakh and an authorized capital of Rs 10 lakh.
Currently, the public sector lender has 2,900 branches across the country with 21,000 employees, including 11,000 employees.
The bank was not started for commercial purposes, but for social purposes. He has completed 96 years, said Satyanarayana.
After the meeting of the official bodies, the United Forum of Banking Unions (UFBU), the umbrella body of nine banking sector unions, will meet on September 11 to announce its plan of action against the merger, he said.
In fiscal year 19, Andhra Bank conducted total business of Rs 3.98,511 rupees. The total income for fiscal year 2018-19 was Rs 20,977 million. He suffered a loss of Rs 2786.12 crore during the year.