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SBI strike today
SHILLONG, AUG 18 (Correspondent)
Published on 18 Aug. 2008 12:33 AM IST
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Officers of the State Bank of India in India’s North Eastern states today said they will go ahead with their one-day nation wide strike tomorrow to protest against the merger of State Bank of Saurashtra (SBS) with the SBI. “The merger of SBI and SBS is being executed against the interests of the nation. The management has failed to honour its earlier assurance not to go with the proposed merger,” All India State Bank Officers’ Federation (North Eastern Circle) General Secretary KP Deb said. Deb said the AISBOF would launch an indefinite strike in September if SBI management moved ahead with the proposed merger. “One of the major fallout of the proposed merger would be closure of a large number of SBI and associate bank branches, which will affect the flow of credit and banking services particularly in interior and rural parts of the country,” he said. “The approval of the Cabinet is incongruous considering that Parliament has recently approved amendment to SBI (Subsidiary Banks) Act, 1959 thereby providing for more autonomy to associate banks through appointment of separate Chairman for each bank”, he added. SBS is the smallest associate of SBI. The remaining associate banks are State Bank of Mysore, State Bank of Hyderabad, State Bank of Travancore, State Bank of Bikaner and Jaipur, State Bank of Patiala and State Bank of Indore. SBI’s associates have a combined branch strength of around 5,000 and a total business of above Rs 4,00,000 crore. The merger of all associates of SBI with itself is expected to take its total balance sheet size to above Rs 8,00,000 crore.

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