UWB officers support amalgamation with IDBI
The proposal to amalgamate the United Western Bank Ltd (UWB) with IDBI Bank has found support among the UWB officers who have asked the bank’s Board of Directors (BoD) to cooperate with the Reserve Bank’s plan.
The United Western Bank Ltd Officers Organisation (UWBLOO) has asked its BoD to agree to the Reserve Bank of India’s draft scheme, which envisages amalgamation of UWB with IDBI.
The UWBLOO has also appealed to the RBI to withdraw the restrictions imposed on UWB as a result of the moratorium on the bank in effect from September 2, as it was causing great inconvenience to around 20 lakh customers, depositors and employees of the bank, particularly during the ongoing festival season.
Particularly affected, according to UWBLOO were the smaller depositors and other customers including employees who have not been able to avail of the bank’s services, the organisation said in a memorandum submitted to the BoD.
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