DSGMC announces criticism to merger of Punjab & Sind Bank

The Delhi Sikh Gurdwara Management Committee publicly criticized the decision of the Indian government to have Punjab & Sindh Bank merge with Bank of Baroda. Manjit Singh GK, who is the president of DSGMC, gathered a group of well-informed people for an assembly meeting to talk about this merger. The meeting took place at the office of the committee on December 29th, 2017.

Manjit’s biggest issue with this merger decision by the Indian Government is that it will be like Punjab & Sind Bank never existed. This merger is supposedly going to demolish its existence because it won’t be the same bank anymore. Manjit further explained that the valuable heritage of Punjab & Sind’s presidency was led by the bank. Those who founded the bank include Sundar Singh Majithia, Veer Singh, and S Trilochan Singh.

Prior to the Partition, the bank started with offices in Lahore and Amritsar back in 1908 and had a deposit amount of only Rs 10 lakh as stated in The Tribune. Once the Partition was over, the bank’s registered office stayed in Amritsar while the administrative office formed in New Delhi. Manjit reminded people that the bank provided for needy farmers and villagers from Punjab. The bank even provided business opportunities and jobs to the citizens of Punjab.

The Punjab & Sind Bank clearly has an important history in which Manjit does not want to see erased. There is no telling whether the government will listen to his addressed concerns or not. The government clearly sees the merger as just another way to cut costs and increase revenue for the local economy. But for a bank that has existed for over 100 years, it is definitely a shock to many who appreciate the historical significance of Punjab & Sind Bank. If the merger is successful, the bank will only exist as a fragment of the newly merged bank. No one knows what that will be called yet.