Saturday 20th, October 2018
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Ramanath Rai opposes merger of three banks

Published On : 25 Sep 2018   |  Reported By : Courtesy: The Hindu   |  Pic On: Photo credit : The Hindu

Mangaluru, (The Hindu): Opposing the Union government’s move to merge Vijaya Bank, Dena Bank and Bank of Baroda, the former Congress Minister B. Ramanath Rai said here on Monday that it will not help any one.

Addressing presspersons, the former Minister for Forest, Environment and Ecology said that except Vijaya Bank, the other two banks were under loss. Hence, merging what he said a healthy Vijaya Bank with the other two would prove detrimental to the former.

He said that the government decision a year ago to merge associated banks of the State Bank of India (SBI) such as State Bank of Mysore, State Bank of Patiala and State Bank of Hyderabad had not helped State Bank of India.

The former Minister questioned the concept of “zero balance account” of nationalised banks which in reality made it compulsory for account holders to maintain a minimum balance in savings bank accounts. How would this help poor people, he asked.

He said that the Union government has also proposed to merge 60 grameen banks by reducing their number to 30. It would undermine the spirit in which the grameen banks have been constituted. If the proposal became a reality, many farmers and other common people would be affected.

Mr. Rai said that the Union government led by the BJP is pro-capitalist.

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