About 600,000 bank employees plan to go for a strike on December 16 to protest against the consolidation in the industry. C.H. Venkatachalam, general secretary of All India Bank Employees Association (AIBEA) said that they were against any merger or consolidation in the banking industry. "We term the move as closure of public sector banks," he added The employees were also unhappy over the proposed merger of State Bank of Indore with the parent bank State Bank of India, country's largest bank. Earlier, Indian Banks Association, said that it got a notice from All India Bank Officers' Association and AIBEA informing that its members in state-owned, private and foreign banks would go on a strike on December 16. Government-owned Corporation bank also informed the stock exchanges that normal functioning in the banks may be affected owing to strike. Centre says that consolidation is essential for economy. Financial ministry officials met the country's top most banks' officials and asked them to start identifying strategic fits after taking into consideration the geographical and business synergies. |
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