Unions, employees oppose merger of 27 public sector banks into six

[Informalisation and Labour Rights - Related News]

The consolidation exercise among public sector banks may not be an easy one with unions and employees voicing their concerns. Barely two days since finance minister Arun Jaitley announced the proposal to have “strong banks rather than numerically large numbers,” unions have threatened to resort to strikes if the process is kicked off. According to unions, if the government’s plan was to avoid “large number” of banks, why did it issue licences to companies to set up payments and small finance banks? The consolidation exercise could bring down the number of public sector banks to about six from the current 27, banking sources had earlier told HT.