Not even a single job will be lost due to merger of banks: Nirmala Sitharaman

Not even a single job will be lost due to merger of banks: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has categorically said the proposed merger of banks would not lead to any job losses.

Talking to reporters in Chennai today, she said not even a single employee would be removed following the amalgamation. She dismissed reports of job loss due to the merger, saying it is absolutely ill-informed.

Nirmala Sitharaman on Friday unveiled a mega plan to merge ten public sector banks into four. It is aimed at creating stronger lenders of global scale. However, some of the bank unions are agitated fearing loss of jobs. Ms Sitharaman sought to reassure the unions, saying it is not an anti-staff move.

Asked whether there was any slowdown in the economy, the Finance Minister said the government was responding to it sectorally, based on their requirement.

She said the government responds to every sector of the Indian economy when it approaches for solutions.

To a query about the automobile industry seeking a GST rate cut, Nirmala Sitharaman said it should be decided by the GST Council.