December 29, 2009

All India Andhra Bank Officers’ Federation (AIABOF) has strongly opposed the government’s move to consolidate and merge the public sector banks (PSB) in the country and vowed to fight against it.Stating that the move will destabilize the public sector fabrics of the banks, the general secretary of the AIABOF K.Ramakoteswar Rao said the merger and consolidation of the PSBs was not necessary when almost all the banks were earning profit and making good business.

“Despite the global economic meltdown, the Indian banking industry is doing well and earning profit and there is no need to merge or consolidate the PSBs in the country” said the president of the AIABOF, N.Raja Gopal Reddy. “We oppose it and will fight against the government’s decision” said Rao.He was addressed at the conference of the Berhampur unit of the AIABOF here on Sunday.