'Bank Mergers Will Destroy Public Sector Banks'
The United Forum of Bank Unions, which includes both officers' and employees' unions, is up in arms about the proposed bank mergers by the Finance Minister. The second round of mergers will see 10 public sector banks being merged into four. NewsClick spoke with Soumya Datta, General Secretary of the All India Bank Officers' Confederation (AIBOC) about the implications of this decision to merge public sector banks. The decision, ironically announced on the golden jubilee year of bank nationalisation, was supposedly taken with the intention to strengthen weak banks and tackle the NPA crisis, but is that really the case?
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