THE National Organisation of Bank Workers (NOBW) demanded a CBI inquiry into the merger of Bank of Rajasthan with ICICI Bank. In a letter to Union Finance Minister Shri Pranab Mukherjee on July 1, the NOBW requested the Minister to intervene in the matter and stop the merger process.
The letter said a Civil Court of Kolkata granted stay against the merger of the Bank of Rajasthan on June 21, but it was vacated by the Kolkata High Court within four hours. “The ICICI Bank was not a party in the Civil Court even then how the stay was granted to ICICI Bank? The role of some of the RBI directors was also suspicious from May 18 to June 26. The detail investigation is also required against the AGM cancelled on June 21. The Company Secretary and the MD of the Bank of Rajasthan had left the venue, then how the shareholders’ meeting could be held and on June 23 the Board sent a proposal of merger to the RBI,” the letter points out. The letter also requested the Finance Minister if the merger of the Bank of Rajasthan is inevitable, it should be merged with any of the public sector banks only and till then the present merger process be postponed.