ERODE: Coming down heavily on the decision to merge 10 banks, AIBEA national general secretary CH Venkatachalam termed the move ill-conceived and ill-timed. Referring to how the public sector banks have always been on the forefront of the nation-building programmes, Venkatachalam said that were it not for the nationalised banks, India would have felt the blow of 2008 economic meltdown more acutely.
Venkatachalam claimed that the merger of PNB, Canara Bank, Union Bank of India, Indian Bank, United Bank of India, Allahabad Bank, Syndicate Bank, Corporation Bank, Oriental Bank of Commerce and Andhra Bank into four consolidated institutions would sound the death knell for six banks built over the years with a very clear social and economic objective of broad-basing the economy.
Credit to priority sector boosted the Indian economy resulting in achievements like the green revolution and white revolution, industrial progress, job generation and rural development.