‘New policy to merge SBI and other banks will affect common man’

Dimapur, June 13 (EMN): The central government’s move to merge banks such as the State Bank of India (SBI) with associate banks will affect the common man especially farmers and students, a trade union leader has cautioned. Following the central government’s move to merge the SBI with associate banks, the president of All India State Bank Officers’ Federation D. Thomas Franco Rajendra Dev has said that the new policy will affect farmers, students, and the common man even while there is already a debate on the lack of access to credit for the common people. Franco addressed this issue to media persons at a press conference on Tuesday in Dimapur. “The government should desist from the merger move, taking into consideration the views of the people and the long term affect it will have on farmers and common man and particularly the affect it will have upon associate banks” lamented Franco. Also he said the organisations had launched campaign against this move and the United Forum of Bank Unions will be meeting in Mumbai on June 28 to plan for a long term agitation including strikes, informed Franco. The Reserve Bank of India (RBI) is in the effort to write-off loans but their effort should be to recover loans while the bank associations demand is ‘there should be focus on small corporate’ maintained Franco. The bank associations’ leader maintained that after a meeting with Naga business community, they lamented over loan inconvenience especially to start-ups. Therefore he said there are plans ton collaborate with Naga business community for a better progress. ‘Their demand is also for a module office in Dimapur so that there is more access to credit” maintained Franco. Franco who started his bank career in Nagaland observed that there is a need for knowledge centre in the state especially in rural areas to create awareness on banking exams. He also informed that Peoples’ Parliament for Development will be launched on August 15, 2017 with most of the bank associations connected with it to look into the interests of bank organisations.