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Say No to Merging : UFBU

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Dear Friends,

UFBU said don't encourage merge of associate banks with SBI.
for the reason please read below,

Now the major ‘financial/political decision’ of consolidation of all Indian Public Sector Banks have started with an uncomparable pace. The MODI governement. wants them to be the greatest ever servant of Finance Capital in India. The huge public fund, which symbolises the long traditions of trust is going to be just a catalyst for corporate gambling. At the first stage, in the name of building Big Banks, the 5 associate banks of State Bank of India is expected to be acquired by SBI within September 2016. The associate banks are regarded as the lifeblood of State Economies. Merging with SBI will hinder the present financial partnership with the respective State Govts. Moreover customers will be losing their favourite banks forever. As the public sector banks are made capsule sized big banks, then it’ll be very easy for the foreign corporate banks to take over these Indian banks. The public money is never cared by the govt. The hard earned profits of Indian Banks will once flow into the pockets of a few corporates who even though cheat the PSBs are regarded as the most patriotic and sacrificing people. Its high time to barricade this move of the Govt. and Bank managements. Understand that, Indian Banks were not formed just to compete with foreign banks but fulfil the dreams of all Indians.

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