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Our Bureau

New Delhi , March 25

RENEWING their demand for a re-look on the proposal for merger with Punjab National Bank (PNB), IFCI employees have written to the Ministry of Finance to consider a four-way merger between IFCI, IDBI, IIBI and IDFC.

In a letter to the Banking Secretary, Mr N.S. Sisodia, the officers' and employees' association said that such a merger would create a "storing, healthy, broad-based and diversified mega development financial institution (DFI) that would provide development financing to projects in industry and infrastructure sectors."

"We feel that the Government's move of merger of DFI's with banks has sent wrong signals among the staff of DFIs as well as the industrialists," Mr Ram Khobragade, Convenor, Coordination Committee of IFCI Officers' and Employees' Associations, said in the letter.

The Coordination Committee has also sought Government support for the entity that would arise from the four-way merger.

"In view of the continuing requirement for development banking by Indian industry, it is imperative that the new entity be given adequate support by the Government so that the newly born mega-DFI is in a position to raise long-term funds to meet the industry requirements," Mr Khobragade mentioned.

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