THIRUVANANTHAPURAM: The Kerala Assembly today passed a resolution against the merger of State Bank of TravancoreBSE 0.76 % with State Bank of IndiaBSE 0.24 %, stating it would adversely affect the state’s economic growth.
The resolution, introduced by Chief Minister Pinarayi Vijayan, asked the Centre and Reserve Bank of India to rescind the decision to amalgamate state-based State Bank of Travancore (SBT) with State Bank of India (SBI).
However, the lone BJP member in the House, O Rajagopal, opposed the resolution, saying it was with a political motive.
The Congress and left parties were opposing the merger because of their hatred towards the BJP-led government of Prime Minister Narendra Modi, he said.
The Chief Minister said people of the state viewed the merger development with anxiety.
Rajagopal’s stand is against the state’s interest, he said.
The ruling CPI-M-led LDF and Congress-headed UDF Opposition supported the resolution, which pointed out that the merger was against the state’s interest.
SBT’s agriculture development loan has played a key role in the economic growth of the state, the resolution added.
