Citizens' Issues
Merge five SBI associate banks into one entity: AIBEA
The All India Bank Employees' Association (AIBEA) hopes the government accept its demand to merge the five associate banks of State Bank of India (SBI) into one entity, said a top union official on Saturday.
 
AIEBA general secretary C.H.Venkatachalam also said the union has called for a strike on June 7 and July 28 this year to press for the merger demand.
 
He also hoped that the boards of the five associate banks - State Bank of Travancore (SBT), State Bank of Mysore (SBM), State Bank of Hyderabad (SBH), State Bank of Bikaner and Jaipur (SBBJ) and State Bank of Patiala (SBP) - and also that of SBI would consider that proposal.
 
"Union Finance Minister Arun Jaitley also opined that the five associate banks of SBI could be merged into one thereby creating a strong entity," Venkatachalam told IANS.
 
He hoped the boards of the six banks in their next meeting would consider the merger proposal.
 
"Though on principle we are against consolidation in the banking industry, in the case of five associate banks, we prefer the same instead of each one merging into SBI," Venkatachalam said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

MG Warrier

9 months ago

At this stage, all stakeholders should think in terms of restructuring the Indian Banking System with the stability of the financial sector, interests of the nation from the economic growth angle and protecting the interests of the depositors, borrowers, employees and shareholders of banks.

Roy Aranha

9 months ago

before merger knock off the flab and make these banks accountable like the private banks enough of bullying by the unions who are crippling the system no children of those in service should get employed into teh banks let them compete with the others too

Lufthansa plane blocks Mumbai airport runway, flights hit
The main runway at Chhatrapati Shivaji International Airport here was closed for operations after a Lufthansa flight suffered four tyre bursts late Friday, officials said on Saturday.
 
The Mumbai International Airport Ltd. has opened up the secondary runway for regular operations after the incident which led to flight delays or diversions as the main runway remained shut for nearly 15 hours till 3 p.m. on Saturday.
 
Officials were unsure when it would be reopened even as the Lufthansa Airlines officials were busy replacing the damaged tyres of the aircraft stranded on the main runway.
 
Four tyres of the landing gear of Airbus A-330 Munich-Mumbai flight LH764 were damaged after landing and the plane could not be moved. The incident took place around 10.45 p.m., the Lufthansa Airlines said in a statement on Saturday.
 
There were 163 passengers on board who were evacuated via stairs on the runway, and the return flight LH-765 of Saturday was cancelled, hitting the flight plans of 223 passengers. The airline was making efforts to rebook them on other flights.
 
The incident has hit flight operations with a Cathay Pacific cargo service being diverted to Hyderabad. Some other flights were compelled to offload cargo to operate from the secondary runway which does not enable a longer take-off run.
 
Another three services were delayed including an Air India flight and a United Airlines Mumbai-Newark flight. Emirates Airlines operated a B-777 instead of an A-380 while a Mumbai-Singapore flight SQ423 of Singapore Airlines with 427 passengers and 25 crew on board was also affected.
 
Singapore Airlines said passengers of the Airbus A-380 aircraft were provided with hotel accommodation and the revised departure plans of the flight would be determined after the main runway was opened for operations.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Ashok Chawla is the new chairman of NSE
Former finance secretary Ashok Chawla has been appointed the new chairman of the National Stock Exchange (NSE), it was announced on Friday.
 
Market regulator Securities and Exchange Board of India (Sebi) approved the name of Chawla, who was heading the Competition Commission of India (CCI), the NSE said, adding his appointment was effective from May 3 and till March 27, 2019.
 
The NSE's board of directors had elected the 1973 batch Gujarat cadre IAS officer as its chairman.
 
Chawla who has over 40 years of experience in various sectors of the economy in India as well as in international agencies, did his masters in economics from the Delhi School of Economics in 1972.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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