Hyderabad: CPI national general-secretary S. Sudhakar Reddy on Sunday expressed apprehension that Telangana state would lose revenue after the merger of SBH with its parent organisation SBI.
Mr Reddy, who is also the honorary president of AP and TS Bank Employees Federation (APTBEF), told the media here that opposing these proposals, employees of both the SBH and the SBI would go on a two-day strike on July 28 and 29. The CPI senior leader advised the state government to pass a resolution in the Assembly opposing the proposed merger.
He said that the SBI’s board had submitted a proposal to the government on merging its five subsidiaries, including Bharatiya Mahila Bank, State Banks of Bikaner & Jaipur, Travancore, Patiala, Mysore and Hyderabad.
Mr Reddy said that the SBH was founded by the Nizam of Hyderabad and it was a profit-making bank, earning '1,061 crore in the recent FY. “Being a bank that was founded in the state, a share of the profit is given to the state government. If it goes to SBI, the share will go to Maharashtra government as the headquarters of SBI is located on that state,” Mr Reddy said.
