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Pejawar Swamiji urges finance minister against merger of banks

  •   Thu, Sep 19 2019 03:29:25 PM

Daijiworld Media Network - New Delhi (SP)

New Delhi, Sep 19: Pejawar Sri Vishveshateertha Swamiji met union minister for finance Nirmala Sitharaman, at New Delhi and urged her to shelve the plan to merge banks which originated from coastal Karnataka.

He expressed the view that merger of banks from coastal region of Karnataka with banks from other places not only erases their names permanently, but also the culture of the banks concerned will get destroyed. Nirmala told him that merger of banks is a must in order to enable them to globally compete with international banks. She further clarified that the government will not move ahead with the proposal unless the boards of directors of respective banks approve the merger plans, it is said.

The Swamiji also attracted the attention of the minister towards the problems faced by fishermen because of GST including the ones created by the imposition of GST on ice plants.
  

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Comment on this article

  • Sudhir Gandotra, New Delhi

    Fri, Sep 20 2019

    The merger is actually a preparation to sell off the banks through share market, swiftly, to the foreign entities.
    All the benefits (whatever little), that reached people, after nationalization of banks will disappear.
    The deposits will disappear, just like it has happened in the West.
    This is cheating the people whose money is in savings accounts.

    DisAgree Agree Reply Report Abuse

  • Gerald Dsouza, Udupi

    Fri, Sep 20 2019

    Pejawar swamiji is a God's gift.

    DisAgree Agree [3] Reply Report Abuse

  • SmR, Karkala

    Thu, Sep 19 2019

    The merger of 10 Public Sector Banks into four may make over 30,000 employees surplus. Such large job loss in the midst of economic slowdown is bound to lead to further job cuts in other sectors
    Within only two-quarters of its consolidation, SBI witnessed a massive layoff in the staff strength as the country’s No.1 bank added 6,847 branches taking its overall headcount up to 23,423 branches as on June 2017. Post-merger, SBI laid off about 10,584 employees within six months. The staff strength came down to 2,69,219 as in September 2017 compared to 2,79,803 as in March 2017.

    Banks were nationalized in 1969 with a very clear social and economic objective of broad-basing the economy and its development. In the last 50 years, the nationalized banks have made a phenomenal contribution in building up a strong economy with a visible social orientation.

    Just 8,000 branches have become 90,000 bank branches today, out of which 40,000 branches are located in rural and semi-urban areas which were earlier neglected.
    Bank themselves face problems due to the huge pile of bad loans. While the PSB made a total gross profit of Rs. 150,000 crores for the year ended March 31, 2019, because of total provisions towards bad loans, etc. amounting to Rs. 2,16,000 crores, the banks ended in a net loss of Rs. 66,000 crores.
    In 2008 when the entire globe was facing financial turmoil and banking tsunami, the Indian banking system was safe because of our public sector banks.
    Even all our banks are merged into one bank, the capital base would be around four billion Dollar whereas most of the global banks operate with a capital base of $60 billion,$ 70 billion,$ 80 billion.

    The latest round of public sector bank mergers the third since 2017. BSE Sensex plunged 470 points, Yes Bank plunges 15%. The BJP has made Vijaya Bank history. Our state once the cradle of banks today only remains in memories. All our hard toiled efforts are gone due to the blunder created.
    Jai Hind

    DisAgree [3] Agree [8] Reply Report Abuse

  • Sethu, Mangalore

    Fri, Sep 20 2019

    Notwithstanding the credibility of arguments, there is no rationale in public sector bank competing for the same resources across same street. In major cities, branches of 15-16 public sector banks are functioning within 100 metre distance resulting in duplicity of operating expenses. No sane economist will argue for generating employment without commensurate productivity. Further, laying off staff in post implementation scenario will not effect the employee adversely as his pension plus interest from terminal benefits for sure exceed salary after tax.

    DisAgree [2] Agree [3] Reply Report Abuse

  • Sethu, Mangalore

    Thu, Sep 19 2019

    Pejawar swamiji is a religious leader and shall concentrate on that aspect alone, for he is not sure a financial or management expert. Merger or amalgamation may not be a panacea for problems faced by the banks today and Goldman Sach should deliver a clean lesson to us that size does not much matters. The carrying capacity of amalgamated entity cannot accommodate all union leaders who believes in power without responsibility and they are sending wrong and decoy messages to cadre duly calling for strike plans. The cadre needs to understand this mean means will end up in delivery of their firepower for bargaining and personal agenda and is in no way going to augment their real struggle for survival.....!

    DisAgree [10] Agree [6] Reply Report Abuse

  • NN, NN

    Thu, Sep 19 2019

    When banks are merged, normally they carry both merged banks names. For example, when Fifth National Bank and Third National Bank merged, it named as Fifth Third Bank (5/3) bank. The name sounded funny, yet it is one of the leading banks in the USA. So, when Vijaya Bank and Dena Bank merged, they should have used the name of Vijay Dena Bank or Canara Syndicate bank etc. This will keep the identity of merged banks. It is true that we need bigger banks to compete globally. Currently, there are 6 banks involved and form a syndicate to finance large projects. Then 6 banks will have 7 opinions when it comes to recover the loans.

    DisAgree Agree [9] Reply Report Abuse

  • Lawrence, Mangalore

    Fri, Sep 20 2019

    Bank 7 will be the suitable name for merged Syndicate and Canara Bnak.

    DisAgree Agree [1] Reply Report Abuse

  • Herman D Souza, Mumbai

    Thu, Sep 19 2019

    A very noble advise from Swamiji....... All these banks are identity of Coastal Karnataka, which were top in the country. Govt, should revert the decision immediately and retain the original name of our banks. If other banks want support fron these banks, then no problem, let them merge .

    DisAgree Agree [12] Reply Report Abuse

  • Jossey Saldanha, Atlanta

    Thu, Sep 19 2019

    Nirmala Sitaraman should listen to this Holy Old Man ...

    DisAgree [3] Agree [18] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Thu, Sep 19 2019

    When political minds don't act ..., the spiritual quotient of Swamiji from temple town udupi is does what is good by invoking the divine wish....!!!

    The noble values of people from coastal town must be recognized & respected.

    When human wisdom fails.. spiritual wisdom prevails..., long live swamiji...,

    DisAgree [1] Agree [11] Reply Report Abuse

  • N MUkkawala, Kinnigoly

    Thu, Sep 19 2019

    Possible only in India , in many cities where there is not a single Govt hospital but you can find more than 10 Government Banks wasting Government funds .

    DisAgree [2] Agree [16] Reply Report Abuse

  • francis lobo, Mangalore

    Thu, Sep 19 2019

    What use. When the banks already took the decision to merge based on the decision of the central cabinet. No politician or community leader opposed this.

    The only thing left now is to name some roads or change the existing names to these banks founders name so that our leaders can show that they have done something posthumously! Wow! . That is the end.

    DisAgree [1] Agree [6] Reply Report Abuse

  • Lionel Dsouza, Mangalore

    Thu, Sep 19 2019

    I AM A BIG FAN OF HIS HOLINESS...….HE AT THIS AGE IS CONSERNED ABOUT SOCIAL PROBLEMS.....SHAME ON OUR MLA'S AND MP'S.....LONG LIVE SWAMIJI....

    DisAgree [2] Agree [17] Reply Report Abuse

  • G R PRABHUJI, Mangalore

    Thu, Sep 19 2019

    This Government doesn't understand what effort the founders of these banks have taken to build the banks before our top leaders birth.

    DisAgree Agree [20] Reply Report Abuse

  • Dylan, Mangalore

    Thu, Sep 19 2019

    What are elected representatives of the region doing? Only poisoning people's mind and fooling them.

    DisAgree [1] Agree [29] Reply Report Abuse

  • gm, mlur

    Thu, Sep 19 2019

    Religious leaders doing political work and political leaders do religious (fake religious) work.

    DisAgree [2] Agree [58] Reply Report Abuse

  • Mahathma, Mangalore

    Thu, Sep 19 2019

    Wowww! Live long Swamiji....our local leaders cannot do what you are doing for the common people.
    Proud to See our FM gesture front of our swamiji.

    DisAgree [17] Agree [47] Reply Report Abuse


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