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LATEST NEWS UPDATES | RSS' labour wing opposes bank merger, says govt hasn't learnt from earlier mistakes -Ramesh Babu

RSS' labour wing opposes bank merger, says govt hasn't learnt from earlier mistakes -Ramesh Babu

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published Published on Sep 2, 2019   modified Modified on Sep 2, 2019
-Hindustan Times

The Bharatiya Mazdoor Sangh (BMS) said it will support the agitation being planned by United Front of Banking Unions against the government’s decision to merge ten banks.

Thiruvananthapuram:
The Bharatiya Mazdoor Sangh (BMS), labour wing of the RSS on Saturday criticised the bank merger plan announced by Union Finance Minister Nirmala Sitharaman saying it was done without any study and it will only protect interests of corporate houses.

“No serious study was done in this. It seems the government has not learned lessons from earlier mistakes. There will be dislocation and retrenchment of employees. Decision like this will only help corporate bodies,” BMS’ all-India president Saji Narayanan said in Thrissur.

He said the BMS will support the agitation being planned by United Front of Banking Unions. The BMS is considered as the largest trade union in the country in terms of members and presence.

On Friday the Union Finance Minister had announced merger of six public sector banks with four better-performing anchor banks in a move to boost India’s ambition of achieving a $5 trillion economy.

Narayanan said after the 2008 global meltdown many experts in the United States had said big banks create bigger shocks and warned against big merger plans.

“With 130 crore population decentralized banking is most appropriate for the country. In 2008, India was least affected because of this. In India, banking is relation-based. With the entry of big players, competition to provide best services to customers will vanish,” he said.

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Hindustan Times, 1 September, 2019, https://www.hindustantimes.com/india-news/rss-labour-wing-opposes-bank-merger-says-govt-hasn-t-learnt-from-earlier-mistakes/story-wjpEYfNogJgqr0F71xzQMI.html


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