Banks merger a major blow to nation's economy: Left parties

Tirupati: CPM and CPI leaders stated that the banks merger will be a major blow to nation's growth and warned of nationwide agitation with the support of bank employees, if the BJP government at the Centre did not revoke the merger of the banks.

The two left parties, responding to their state units call, staged dharna before the Andhra Bank branch on Beri Street in the city protesting the recent merger of the banks, especially the merger of Andhra Bank with Union Bank.

Addressing the gathering, CPI state council member Chalasani Rama Rao and CPM district secretary A Pullaiah came down heavily on the Union government for the unilateral decision. The move will benefit only the corporate sector, they said.

They alleged that the merger of the public sector banks in 2017 made easy for 9,063 corporate companies to evadeloans to the tune of more than one lakh crore rupees and alsoresulting in the closure of 8,000 branches of various banks.

Reminding that it was the PS banks that came to the rescue of the nation from the world wide worst economic recession in 2008, the leaders said that Modi failed to learn lesson from the previous experience. The two leaders said the merger will particularly hit hard the interests of weaker sections, poor artisans and agriculture labourers in the country.

They termed the merger of Andhra Bank with 2,904 branches in 25 states and 3 Union territories as unwarranted and nothing but hitting the self-esteem of the Andhras. The founder of the bank B Pattabhi Seetharama Rao played key role in freedom struggle, they pointed out.

Flaying the merger of Andhra Bank, the Communist leaders said it proved once again the step-motherly treatment of Modi government towards Andhra Pradesh. CPM district leader Nagaraju, city secretary Subramanayam, AITUC district secretary Murali and others participated.