Finance Minister Nirmala Sitharaman on September 1 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 everyone of these banks to please recall what I have said last Friday. When we spoke about amalgamation of banks I have very clearly underlined the fact that there shall not be job cuts. Not at all”, she said.
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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.
Ms. Sitharaman on August 30 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.