Merger of banks is fatal to economy: Amarjeet Kaur

Team Udayavani, Dec 16, 2019, 12:17 PM IST

Mangaluru: All India Trade Union Congress (AITUC) National General Secretary, Amarjeet Kaur said that the Bank merger and direct foreign investment policies by the central government is fatal to banks’ existence and national economy. The people who are working in this field should raise their voices against these moves.

Speaking at the inauguration of the two-day 19th National Convention on Saturday at PVS Kalakunja under the aegis of the Karnataka Bank Officers Association (AIBOA), she said, “The country’s economy is currently in a very difficult period. Economic activity is in recession and production is declining.”

“The direct impact of Bank merger is on the banking sector as the result knee-jerk attitude of the IMF, World Bank, foreign banks and foreign direct investment is adversely affecting the interests of the country. As a result, employment has been cut,” she added.