There will not be a single job loss due to the merger of banks: Minister of Finance

CHENNAI: Minister of Finance Nirmala Sitharaman On Sunday he dissipated the fear of job loss after the proposed merger of public sector banks, saying that not a single employee will be removed after the merger.

Absolutely, poorly informed. I want to assure each union in each of these banks to remember what I said last Friday. When we talk about the merger of banks, I have stressed very clearly the fact that a single employee will not be eliminated. Not at all, he told reporters here.

She was answering a question about the bank employees Unions that oppose the merger plan on the ground would lead to job losses.

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.

In response to the government's plan, the All India Bank Employees Union has said the merger would lead to the closure of the banks in addition to the loss of jobs.