Demand to cancel decision to merge SBT with SBI

Thiruvananthapuram: Kerala based Save SBT (State Bank of Travancore) Forum Thursday asked Union government to reconsider its decision for merger of five associate banks including SBT with SBI.

Merger of SBT with SBI would adversely affect the economic development in the state as SBT has played a vital role in extending loans to agriculture, industrial and education sectors in the state, Forum Chairman Panniyan Raveendran said in a statement.

Union cabinet had yesterday gave green signal for the merger of five associate banks with SBI.

Criticising the decision, the former MP said service of SBI would be centred on big corporates once it start function as a global bank. It would also lead to shut down of branches and loss of jobs.

The state government, state assembly, bank customers, political parties and share holders had request to cancel the merger move and to neglect the same was antidemocratic and not in tune with the Federal system, he pointed out.