Business & Finance

FM Nirmala Sitharaman assures no job loss due to merger of banks


New Delhi | Addressing the job cut rumours after the announcement of bank mergers, Finance Minister Nirmala Sitharaman has assured that not even one employee shall be removed following the amalgamation.

“Absolutely, ill-informed. I want to assure every union in all 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 one employee removed. Not at all,” Nirmala Sitharaman told reporters.

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

Nirmala Sitharaman on Friday, to boost the economy, had announced the merger of PSU banks. She has proposed merge 10 public sector banks into four. Protests were conducted in several areas to protest FM’s decision, in a fear of job loss.

Responding to the government’s plan, the All India Bank Employees Union has said that the amalgamation would lead to the closure of banks besides job losses.

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