CPM urges Centre not to merge banks

THIRUVANANTHAPURAM: The CPM has urged the Union government to withdraw from the move to merge Vijaya Bank, Dena Bank and Bank of Baroda. Stating the decision would have adverse impact on the people and the banking sector, CPM state secretariat said decision as part of the union government’s anti-people banking policies. 

“The merger was announced by the Union finance minister by keeping the Parliament, the Reserve Bank and the boards of the banks scheduled for merger in the dark. The authorities want to merge these banks so that they can give major loans to corporates,” said the CPM secretariat in a statement. 

The CPM also pointed out at the unpaid debts by major corporates. The Union government should show the willpower to claim this amount, the CPM said.