Millennium Post

Subsidiaries’ employees warn of nationwide strike on May 20

“SBI management’s arrogant and high-handed approach has forced an all-India strike in five associate banks on May 20 to protest against forceful takeover of the associate banks by SBI,” the All-India Bank Employees Association said in a statement. 

Alleging that the issue of a merger was brought without any prior intimation or notice at the board meetings of the five associate banks —State Bank of Travancore, State Bank of Mysore, State Bank of Hyderabad, State Bank of Bikaner and Jaipur, and State Bank of Patiala, the union statement said the move was opposed by workmen directors and even a few independent directors. 

SBI has sought the government’s nod to go ahead with the merger, which it wants to complete in the current fiscal. “Despite their dissension and disagreement over the agenda on proposal of takeover of associate banks by SBI and the dubious methods adopted in placing such serious agenda for discussion, a resolution has been approved to enable SBI to acquire the assets and liabilities of the associate banks,” it said. 
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