‘Merger of banks to only benefit corporate houses’: UBI Retirees

A Correspondent

DHUBRI: The UBI Retirees’ Welfare Association has opposed the merger of banks and said that it would only benefit the corporates and those who sucked and siphoned banks and financial institutions for years. A large number of members of UBI retirees and members from pensioners’ associations of SBI and UCO Bank participated in a meeting held at the hall room of SBI Guest House here on Sunday. Several members from Guwahati opined that the recent announcement by the government to merge the banks would neither benefit the customers nor the government.

“This step to merge the banks is going to benefit only big giants like Nirav Modi and Mehul Choksi who sucked the monetary system of banks and made them bankrupt by their fraudulent way of transaction over the years,” the members further opined.

One of the guest members, JP Mazumdar, while addressing the meeting, expressed deep concern over the slowdown in the country’s economy which was steadily eating up the economy due to lack of vision and direction.

“The merger of the State-owned banks can never benefit the society rather it will create a chaotic situation in the economy of India. We will have to be careful about every change and development taking place at the behest of the Central Government,” Mazumdar further warned. Leaders and members of Guwahati Regional UBI Retirees’ Welfare Association appealed to the members to organize meetings to air their views on the present situation.

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