After Union Finance Minister Nirmala Sitharaman announced the merger of 10 public sector banks into 4, there has been a lot of apprehension among bank employees. Allaying these apprehensions, the Minister said that not a single employee will be removed.
Speaking to reporters, she said that more capital would be provided to banks and they would continue to do what they have been doing earlier. This amalgamation plan is aimed to create fewer and stronger global sized lenders in order to boost economic growth. Earlier while replying to a statement of former Prime Minister Manmohan Singh regarding the ongoing slowdown of the economy was a result of man-made disasters by the Modi Government, she replied that the government was responding to the slowdown sectorally based on each sector’s requirement..