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State Bank of Travancore urges SEBI, SBI to intervene in it's merger with SBI

SBI Management has announced that close to 7,000 branches of SBI would be shut or relocated with merger

Press Trust of India  |  Thiruvananthapuram 

State Bank of Travancore raises Rs 515 cr via tier II bonds

State Bank of Travancore Employees Union (SBTEU) has urged the Centre not to go ahead with the decision to merge SBT and other associate banks with SBI and also wants the RBI and SEBI to intervene in the matter.

The government should desist from the merger move, taking into consideration the views of the people, Kerala Assembly, MPs from the state and stakeholders, including customers and shareholders, the union said in a statement on Monday.testing.. we are here....

"It is high time RBI and SEBI intervene to stop the process," the statement said.

The Union also decided to intensify its agitation with a relay hunger strike in September last week at Delhi, Raj Bhavan march in October and Parliament Maha dhara in November.

In a resolution adopted at the end of the two day general council of the Union at Malappuram on Sunday, it was pointed that despite public interest against the merger, SBI management was trying to rush with the process violating all norms and due processes of laws and rules, transparency and good governance practices.

SBI Management has announced that close to 7,000 branches of SBI would be shut or relocated with merger, the resolution stated.

"In their eagerness to create a global bank, national priorities and mass banking will be altered, adversely affecting small customers and the productive sector," it said.

The Union pointed out that "such a vital issue concerning the future of the bank was brought out as a table agenda on May 17 in the Board meeting without providing any data, detail and thus not allowing any study and analysis by the Directors for making any independent application of mind".

The draft scheme of acquisition was again brought out as a table agenda on Aug 18.

Though the process needed negotiations with all stakeholders, it was not held.

For questioning deviations from rules, a Chief General Manager of the bank was transferred out of the bank, the union general secretary alleged.

The union said it would also organise a hunger strike at all district centres on September 12, the SBT foundation day and organise a Peoples assembly at the Martyr's column here on September 6.

First Published: Mon, August 29 2016. 16:07 IST