SBI associate banks merger: Political parties oppose ‘illogical’ move

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Thiruvananthapuram | Published: June 16, 2016 11:33:17 AM

Leaders of various political parties today demanded that the Centre withdraw the move to merge associate banks, including the State Bank of Travancore, with the SBI.

SBI associate banks merger: Leaders of various political parties today demanded that the Centre withdraw the move to merge associate banks, including the State Bank of Travancore, with the State Bank of India (SBI).

CPI-M State Secretary Kodiyeri Balakrishnan, KPCC President V M Sudheeran, CPI leader Panniyan Raveendran,IUML leader P K Kunhalikutty were among those who spoke during a meeting held here today.

The meeting was held to “save” the State Bank of Travancore and “stop merger” of associate banks with the State Bank of India.

Meanwhile, in a statement, Sudheeran requested the Centre to back out from the move and said the plan to merge associate banks with SBI was “illogical”.

“The decision is against the interest of states,” he said.

“With the merger, a situation will arise that SBT, the only Kerala based public sector commercial bank, will cease to exist,” he said.

Sudheeran also objected to the Centre’s reported plan to privatise the Kerala based public sector Fertilizers and Chemicals Travancore Ltd (FACT).

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