The Reserve Bank Deputy Governor S.S. Mundra has told today and allayed fears of job losses in case the Bank consolidation should wait for the ongoing balance sheet clean up so that the merged entity can get a fair valuation. All these fears about job losses are without any base and whenever such situation arises, there are fears and doubts.
Mundra has stated that the comments have come on a day when the unions at the five associate banks of SBI went on a nationwide strike protesting against the merger with their parent bank. They have also called for nationwide strikes on June 7th and July 20th.
Mundra who had joined RBI after rising up the ranks in commercial banks has said that there have not been any job losses in such situations even in the private sector.
As a surprise SBI is ready to merge all its five associate banks with itself and also take over the newly created Bharatiya Mahila Bank and a move that will make it a Rs. 37 Lakhs crore behemoth with over 50 crores customers and amongst the top 50 leg Enders globally.
