Citizens for independent Indore Bank | india | Hindustan Times
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Citizens for independent Indore Bank

SEVERAL PROMINENT citizens under the banner of Abhyas Mandal passed a resolution today that they would stall State Bank of India?s move to merge State Bank of Indore and work to make the latter an independent and autonomous entity.

india Updated: Apr 10, 2006 14:51 IST

SEVERAL PROMINENT citizens under the banner of Abhyas Mandal passed a resolution today that they would stall State Bank of India’s move to merge State Bank of Indore and work to make the latter an independent and autonomous entity.

The participants including City’s leading businessmen, social workers, journalists, doctors, politicians, lawyers, sportspersons and bankers were unanimous in their view that it was time to delink State Bank of Indore from SBI and unshackle it from its ‘corporate slavery’.

The participants chalked out a multi-pronged strategy to meet their objective by launching public agitation and, challenging the validity of SBI’s move in the court. They insisted that SBI had no right to take unilateral decision for merger and opinion of local residents was equally important.

Those present at the meeting included social worker Babulal Patodi, senior journalist Jawaharlal Rathore, politicians Rajendra Dharkar, Jagatnarayan Joshi, Shrivallabh Sharma, Lalit Jain, Dr G S Sipaha, Dr Savita Inamdar, Haji Mahidpurwala, Babulal Baheti, Indore High Court Bar Association president P K Shukla, cricket commentator Sushil Doshi, All India Bank Officers Association president Alok Khare among others. 

SBI, apparently, has already submitted a proposal to merge its seven subsidiary banks including State Bank of Indore. The Union cabinet has passed this proposal and has placed it before Parliament for clearance.

Addressing the meeting, Khare said that independent existence of State Bank of Indore was necessary to strengthen the State’s economy. He said that Indore Bank was financially strong enough to stand on its own feet. Citing example, he said that the bank provided 100 per cent dividend on SBI capital every year. With deposits worth Rs 28,500 crore, this profit making entity has all its 439 branches computerised making it the first subsidiary bank to boast of such a facility.

Demanding an end to SBI’s executive autonomy that involves policy making and appointing SBI officials at 19 key posts, Khare said that SBI should set up branches outside the country to meet its objective of becoming global financial institution instead of merging its subsidiaries at home.

Rathore stressed on formulating the action plan and suggested that it was important to prepare documents that depicted Indore Bank’s financial status vis-à-vis other banks and how it was serving the interest of the State Government. He asked that a petition be prepared by legal experts to challenge the validity of SBI’s decision and take the agitation to streets to oppose the Government move.

He added that Indore Bank would have progressed far had it not been under SBI control. “Lets resolve that come what may, we will not allow Indore Bank to be merged with SBI,” Rathore remarked amidst thunderous applause. 

Presiding over the function, Patodi said that denizens would lend all the support to the cause and would launch hunger strike at Rajwada if the need arose. Shukla assured of all the possible legal assistance for the purpose.

Founded in 1959, Mandal is a non-political voluntary organisation engaged in social and cultural activities.

Bank history
MAHARAJA TUKOJI Rao Holkar founded Indore Bank Ltd under special charter on March 23, 1920 to meet the trading needs of cotton merchants of Malwa and Nimad region. Between 1920-1947, British served as its Chief Executive Officer. The first Indian to occupy this post was N D Joshi in 1947. With enforcement of State Bank of India (associate bank) Act ,1959, Indore Bank came under SBI fold.