Merger of banks being done to carry out anti-people agenda: CPI

The Communist Party of India (CPI) on Saturday protested the merger of Andhra Bank with Union Bank of India and Corporation Bank, stating that Bharatiya Janata Party (BJP) government is doing merger politics for carrying out its anti-people agenda.

"BJP government is doing merger politics for anti-people agenda. Previously, thousands of branches of State Bank of Hyderabad (SBH) were closed after its merger with SBI, due to which rural and poor people suffered a lot," K Ramakrishna, State General Secretary of CPI said.

"We demand that Prime Minister Narendra Modi withdraws the decision to merge Andhra Bank with other entities. CPI is planning to go to New Delhi and stage a dharna for cancellation of this merger," he added.

The employees' union of Andhra Bank also criticized the merger of Andhra Bank with other entities and cited that all the banks have independent boards.

"All India Andhra Bank Employees' Union (ABEU) condemns the merger of Andhra Bank with the Union Bank of India and Corporation Bank. We have a straight question that what is the purpose of the merger. All banks have their independent boards," Ramanamurthy, General Secretary of ABEU said.

The central government on August 30 announced the merger of 10 public sector banks (PSBs) into four units with countrywide networks and global reach to boost credit and revive economic growth in the nation's bid to become a five trillion dollar economy in the next five years.

( With inputs from ANI )