Five associated banks of SBI, including State Bank of Travancore, have become part of history. All of them have been merged with the State Bank of India from 1st April 2017. This is part of the neo-liberal pro-corporate policy of the central government intended to serve the interest of private banks.
Though all kinds of assurances are given to the customers and employees of the merged banks, it will have to be seen to what extent they are honoured.
Merger is being used by the government as a tool to weaken and destroy the PSUs. It was Air India merger yesterday; today it is SBI merger; tomorrow it may be BSNL-MTNL Merger.
The workers and the people have to intervene to stop this anti-people, anti-PSU decisions.