Bank merger is against the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, which stipulates that the consent from board and shareholders is mandatory.
"Bank merger is against the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, which stipulates that the consent from board and shareholders is mandatory. This merger is another step towards privatisation of banks," Dr Thomas Franco, former general secretary of the All India Bank Officers’ Confederation speaks about the bank merger at a public meeting on 'RBI's Reserve Fund Transfer & Bank Mergers: A Loot or Boost?'.