Merger of banks is an attempt to benefit Capitalists: Ivan D’Souza
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Merger of banks is an attempt to benefit Capitalists: Ivan D’Souza

By The Times Of India calender  03-Sep-2019

Merger of banks is an attempt to benefit Capitalists: Ivan D’Souza

Coastal districts of Dakshina Kannada and Udupi in Karnataka have lost their identity as the ‘cradle of banking’ after the bank mergers by the Narendra Modi government, said MLC Ivan D’Souza.
He told that Vijaya Bank, a profitable bank founded in Coastal Karnataka, has lost its identity completely after it was merged with Bank of Baroda. Meanwhile, the continuation of mergers may affect three more banks in the region including Corporation Bank, Syndicate Bank and Canara Bank.
“Banks are under loss, but our prime minister and finance minister want banks of India to function in lines of European and American banks. They want our banks to be powerful like European and American banks. However, they don’t consider the difference between the population of India and those countries." stated D’Souza.
CBI रखने को तैयार नहीं, SC के आदेश पर 2 दिन और कस्टडी में रहेंगे चिदंबरम
He further said. “Mergers will affect small farmers and entrepreneurs in villages. It is an attempt to privatise banks and this move will deny opportunities for farmers and small scale entrepreneurs to avail banking facilities. Let government clarify their stand on the economic crisis the nation is facing. Let the government explain whether the merger will benefit the nation,”
The GDP has touched a record low and the government has taken Rs 1.76 lakh crore from RBI reserves, which is the security amount of people, he said adding that the merger of banks was not a decision taken for the common man’s welfare.

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