There will not be single job loss due to merger of banks: Nirmala Sitharaman

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Updated: September 1, 2019 9:50:26 PM

Sitharaman on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as the government looked to boost economic growth from a five-year low.

Sitharaman on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as the government looked to boost economic growth from a five-year low.

Finance Minister Nirmala Sitharaman on Sunday allayed fears of job losses following the proposed merger of public sector banks, saying not even one employee shall be removed following the amalgamation. “Absolutely, ill-informed. I want to assure every union in every one of these banks to please recall what I have said last Friday. When we spoke about the amalgamation of banks I have very clearly underlined the fact that there shall not be one employee removed. Not at all”, she told reporters here.

She was replying to a question on the bank employees unions opposing the merger plan on the ground it would lead to loss of jobs.

Sitharaman on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as the government looked to boost economic growth from a five-year low. Responding to the government’s plan, the All India Bank Employees Union has said the amalgamation would lead to closure of banks besides job losses.

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