Replying to a question during a press conference, on bank employees unions opposing the merger on the ground that it would lead to job loss.
Sitharaman said, “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 the amalgamation of banks I have very clearly underlined the fact that there shall not be one employee removed. Not at all,”
On Friday, Sitharaman had announced the merger of 10 public sector banks into four. The government is planning this move in order to boost the economic growth which is currently five-year low.
The All India Bank Employees Union commenting on the government’s plan said that “the amalgamation would lead to the closure of banks besides job losses.”