Jamshedpur, Sep. 5: Bank employees, affiliated to United Forum of Bank Unions, staged a protest before the State Bank of India Main Branch in Bistupur on Tuesday and expressed displeasure against merger of banks. The protest was led by Amit Maitra.
Bank Employees Federation of India (BEFI) leaders DN Singh, Swarnkamal Das Gupta, said, the Cabinet decision to merge the public sector banks and then form new entities in a different nomenclature would result in the collapse of the banking system in the country.
Sapan Das, UBFU, Jamshedpur chapter, said, the protest is for the welfare of the country, not for their personal interest. At the time India achieved independence, there were only private sector banks in the country, and India registered a dismal economic growth rate of just one per cent.
Public sector banks have also been giving loans to small entrepreneurs as well as businessmen. If the public sector banks are privatised, this loan facility may be closed for good, added Das.