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YSR Congress Party, Congress opposes Andhra Bank merger



The ruling Congress Party YSR and the opposition congress Andhra Pradesh made an exception to the Center's decision to merge Andhra Bank with two other banks.

Chairman of the YSR Congress Party Jagan Mohan Reddy

The ruling YSR Congress Party and the opposition congress Andhra Pradesh made an exception to the Center's decision to merge Andhra Bank with two other banks, arguing that this boils down to a deterioration of Telugu sentiment.

They demanded that the Center withdraw its decision, and if a merger is unavoidable, the name Andhra Bank should be kept.

YSRCP MP Vallabhaneni Balashowry firmly opposed the merger announced on Friday. A member of Lok Sabha of Machilipatnam also wrote in this regard a letter to Prime Minister Narendra Modi on this matter.

The MP noted that Telugu has an emotional attachment to Andhra Bank. He said Finance Minister Nirmala Sitharaman should reconsider his decision to merge Andhra Bank with other banks.

On Friday, Sitharaman announced the merger of 10 public sector banks into four large entities. She said that Andhra Bank will be merged with Union Bank and Corporation Bank.

Congress party leader and member of Rajya Sabha K.V.P. Ramachandra Rao also called on the Center to withdraw its decision to merge Andhra Bank.

Rao wrote a letter to Sitharaman, opposing the movement. He demanded that the merger process be stopped and Andhra Bank should be able to continue operating as a separate entity.

He said the merger would hurt Telugu sentiments. The MP also wrote that in cases where a merger is unavoidable, the name Andhra Bank should be retained.

Rao said the name Andhra Bank should be continued in memory of the freedom fighter Pattabhi Sitaramayya, who founded him as a private bank in Machilipatnam in 1923.

READ ALSO: Mega bank fusion drive Modi Govt: Now there will only be 12 power banks

SEE ALSO: Nirmala Sitharaman announces bank mergers with the Big Bang

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