Canara Bank employees against merger of smaller PSU banks

Canara Bank employees against merger of smaller PSU banks

The employees of Canara Bank  has requested the Centre not to consider cross merger of smaller public sector banks having high NPAs.

"Centre has already ensured the merger of five associate banks and Bharatiya Mahila Bank with SBI. Now it is pushing for the second round of cross mergers with public sector banks", founder of Canara Bank Staff Federation S Revanna said.

The merger would not bring any relief to the "ailing" banking industry as the increasing Non Performing Assets(NPAs) pass the burden from one entity to another, he said in a press release.

The gross NPA in Canara Bank as on September 30 this year stood at Rs 39,164 crore while the net NPA at Rs 25,166 crore, he said.

 

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