Vijaya bank merger 'dictatorial' decision, says former bank director Subbayya Shetty
Mangaluru, Apr 5: The merger of profit-making Vijaya bank with loss-making banks is a 'dictatorial' decision which is not meant to strengthen the banking system, former director of the bank Subbayya Shetty said Friday.
The merger of the banks was hurriedly carried out only to protect fraudulent businessmen, Shetty told reporters here.
Representatives of officers and employees have not been appointed to any of the banks in the last three years, he claimed, adding the issue was not discussed at any forum.
Vijaya bank was the pride of the coastal region and the Bunt community which played a key role in setting up of the bank, he said.
"The merger of the bank with loss-making banks is a dictatorial decision...," he added.
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UAE announces interception of Iranian missiles
UAE authorities on Saturday announced that they intercepted missiles from Iran, following the offensive of US, Israel on Iran earlier in the afternoon.
Several reports had claimed explosions, in various Middle East countries including Kuwait, Bahrain.
