The Kerala Assembly has passed a resolution against the proposed merger of the home-based State Bank of Travancore (SBT) with State Bank of India (SBI) even as the lone BJP member dissented.
The House resolved on Monday to convey to both the Centre and the Reserve Bank of India its apprehensions over the merger move which it said was against the larger interests of the State. Both the ruling Left Democratic Front and the Opposition United Democratic Front were unanimous in expressing a spirited resistance against the proposed merger.
Speaker P Sreeramakrishnan asked Chief Minister Pinarayi Vijayan to move the resolution after a calling attention motion by K Suresh Kurup of the CPI(M) put the issue in perspective.
Kurup requested that the Assembly stand as one to urge the Centre to take steps to withdraw the merger decision, which had far-reaching implications for the economic future of the State.
Maximum business Replying to the motion, Finance Minister Thomas Isaac shared the member’s concern and noted that SBT has over 800 branches in Kerala and has disbursed maximum loans to farmers and small traders.
The bank has also been playing a pivotal role in government’s transacting treasury-related business, he said. If the merger were to become a reality, the State would suffer, the minister said, and suggested that the House pass a unanimous resolution against it.
Opposition leader Ramesh Chennithala was quick to concur with the Minister’s views and the Speaker asked the Chief Minister to move the resolution.
While piloting it, the Chief Minister said the history of SBT has been inseparably linked with that of the State and the bank has been handling a lion’s share of the banking business in the State.