Plea to RBI, SEBI to intervene to stop SBT-SBI merger    

Thiruvananthapuram, Aug 29 (PTI) State Bank ofTravancore Employees Union (SBTEU) has urged the Centre not togo ahead with the decision to merge SBT and other associatebanks with SBI and also wants the RBI and SEBI to intervene inthe matter. The government should desist from the merger move,taking into consideration the views of the people, KeralaAssembly, MPs from the state and stakeholders, includingcustomers and shareholders, the union said in a statement heretoday. "It is high time RBI and SEBI intervene to stop theprocess," the statement said. The Union also decided to intensify its agitation with arelay hunger strike in September last week at Delhi, RajBhavan march in October and Parliament Maha dhara in November. In a resolution adopted at the end of the two day generalcouncil of the Union at Malappuram yesterday, it was pointedthat despite public interest against the merger, SBImanagement was trying to rush with the process violating allnorms and due processes of laws and rules, transparency andgood governance practices. SBI Management has announced that close to 7,000 branchesof SBI would be shut or relocated with merger, the resoultuionstated. "In their eagerness to create a global bank, nationalpriorities and mass banking will be altered, adverselyaffecting small customers and the productive sector," it said. The Union pointed out that "such a vital issue concerningthe future of the bank was broght out as a table agenda on May17 in the Board meeting without providing any data, detail andthus not allowing any study and analysis by the Directors formaking any independent application of mind". The draft scheme of acquisition was again brought out asa table agenda on Aug 18. Though the process needed negotiations with allstakeholders, it was not held. For questioning deviations from rules, a Chief GeneralManager of the bank was transferred out of the bank, the uniongeneral secretary alleged. The union said it would also organise a hunger strike atall district centres on September 12, the SBT foundation dayand organise a Peoples assembly at the Martyr’s column here onSeptember 6. PTI UD APR MKJKK