UFBU holds demonstration against merger of 10 public sector banks

Ludhiana, August 31, 2019: United Forum of Bank Unions(UFBU) held a demonstration today in front of State Bank of India, Fountain Chowk Ludhiana.
Various leaders of UFBU , Com.Naresh Gaur, Convenor UFBU, Com.Pawan Thakur, President Punjab Bank Employees’ Federation (PBEF, AIBEA) Ludhiana, Com.Ashok Arora, AIBOC, Com.G S Mangat, DGS, SBI Officer Association Ludhiana, Com.J P Kalra, President, SBI Officer Association Ludhiana, Com.Iqbal Singh Malhi, President SBI Staff Association, Com. Gurmeet Singh, AIBOA addressed the demonstration on this occasion.
The protest demonstration was held against the Government’s yesterday decision of merging 10 Public Sector Banks into 4 as under:
• PNB, Oriental Bank of Commerce , United Bank of India
• Canara Bank, Syndicate Bank
• Indian Bank, Allahabad Bank
• Union Bank of India, Andhra Bank, Corporation Bank
While addressing the demonstration, convenor Com. Naresh Gaur said, that we have already been opposing merger of Banks as the same is not warranted in our country. But the Government wants to push further merger of Banks. He said, the meaning is that 6 banks will now get closed. Government may call it a merger but in reality it is a cold blooded murder of 6 banks.
In last 50 years, the Nationalised Banks have made a phenomenal contribution in building up a strong economy with a visible social orientation. About 8000 branches have become 90,000 bank branches today, out of which 40,000 branches are located in rural and semi-urban areas which were earlier neglected. Credit to priority sector has boosted our economy resulting in achievements like Green Revolution and White Revolution, Industrial Progress , Job generation, rural development etc. And it is only possible because of Public Sector Banks.
He said, today when our country is facing a serious economic slowdown and downturn, the Public Sector Banks with their huge resources at their command can play a decisive role to revive the economy. But the decision of merger and closure of Banks is a total diversion from these tasks.