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SBI Director downplays employee backlash
| August 19, 2008 |   (1 votes, average: 1 out of 5) Loading ... |
Some employees at the State Bank of India and State Bank of Saurashtra went on strike on Monday, and bank unions have called a broader strike for Wednesday to protest the merger of SBI and State Bank of Saurashtra. The finance ministry approved a plan on August 14 for SBI to acquire associate State Bank of Saurashtra.
“I don’t think there is an employee backlash,” said Bhatt, the chairman of State Bank of India. “There are some people who for some reason have gone for a strike. But if you talk to the employees of the bank or associates, I mean, they are very happy this is happening.” He added. Asked whether the strike planned for Wednesday would hinder the merger with State Bank of Saurashtra, Bhatt replied: “I don’t think so.” The bank reported loan growth of 23.4 percent in the year to March 2008, but analysts were expecting a moderation after the central bank last month raised its key lending rate to a seven-year high of 9 percent to rein in double-digit inflation.
News Published Under: Banking and Finance |
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