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Kerala Assembly passes resolution against SBI merger

sbtThe Kerala Assembly has passed a resolution against the merger of State Bank of Travancore (SBT) with State Bank of India. It claimed the merger would adversely affect the state’s economic growth. The resolution, introduced by chief minister Pinarayi Vijayan, asked the Centre and Reserve Bank of India to rescind the decision to amalgamate state-based SBT with SBI. The chief minister said people of the state are viewing the merger development with anxiety. The ruling CPI-M-led LDF and Congress-headed UDF opposition supported the resolution, which said SBT was the biggest bank in the state with 846 branches and Rs 8000 crore deposits. It said the Kerala government’s major transactions were also carried out through the bank.

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