Government Says “No Merging Of Public Sector Banks” this year

Government of India, Ministry of finance said that there is no plan for merging of any of the Public Sector Banks. Minister of state for finance Santosh Kumar Gangwar said in a written reply to the Lok Sabha that there is no such proposal under the consideration of the government for consolidation of PSBs at present.

Minister also informed that SBI has no plan to launch voluntary retirement scheme (VRS) in the bank. No employees have been laid off on account of merger. However, VRS was offered by the erstwhile associate banks of SBI to their employees and officers before the merger and 3,569 staff opted for it.

Statement by Minister stops all the rumors circulating on web with probable bank name with details.