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No employee will be removed: Nirmala Sitharaman

No employee will be removed: Nirmala Sitharaman

| @indiablooms | 01 Sep 2019, 02:30 pm

New Delhi, Sept 1 (IBNS): Union Finance Minister Nirmala Sitharaman on Sunday assured the nation that there will not be any job loss following the government's decision to merge 10 public sector banks.

"I have very clearly underlined the fact that there shall not be one employee removed. Not at all," she told reporters.

Friday: FM makes major announcements   

Nirmala Sitharaman on Friday made some major announcements in the banking sector where she said four mega-mergers will take place involving ten state-run banks.

Punjab National Bank, Oriental Bank of Commerce and United Bank of India will now be merged to form India's second-largest public sector bank.

She said following the merger it will have a business of Rs. 17.5 lakh crores.

She said Canara and Syndicate Banks will also be merged to form the country's fourth-largest Public Sector Bank with a business of Rs 15.20 lakh crores.

She announced that the third major merger of banks will involve Union Bank of India, Andhra Bank and Corporation bank.

The Indian Bank will also be combined with Allahabad Bank to create the seventh-largest PSB with the business of R 8.08 lakh crore, the Finance Minister announced.

Sitharaman on Friday said 14 public sector banks are in a profit earning situation in the current financial year.

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