Two major bank unions announce strike opposing mergers

Chennai: Two major unions in the banking sector – All India Bank Employees’ Association (AIBEA) and All India Bank Officers Association (AIBOA) will go on strike on March 27 opposing the megabank mergers approved by the Union Cabinet on Wednesday, said a top leader of AIBEA. “Banks themselves face problems due to the huge pile of bad loans. While the public sector banks made a total gross profit of Rs 150,000 crore for the year ended March 31, 2019, because of total provisions towards bad loans, etc. amounting to Rs 216,000 crore, the banks ended in a net loss of Rs 66,000 crore,” C.H. Venkatachalam, General Secretary, AIBEA, said. (IANS)

Also Read: Government may rope in SBI-led consortium to rescue Yes Bank

Also Watch: Ex-AAGSU president Prem Tamang joins BJP