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Wednesday, Aug 30, 2006

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Kerala CM against LKB merger with BoP

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Thiruvananthapuram, Aug. 29

The Chief Minister, Mr V. S. Achuthanandan, has expressed himself against the proposed move for merger of Lord Krishna Bank with Bank of Punjab.

In a communication to the Union Finance Minister, Mr Achuthanandan demanded that the Centre intervene immediately to avert the ill-advised merger from being formalised. Set up in 1940, Lord Krishna Bank has given a good account of itself in being able to effectively look after the interests of the backward and downtrodden sections. The merger move will put this time-tested tradition in jeopardy, harming not just the poor but the shareholders of the Kerala-based bank as well, the Chief Minister said.

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