Merger of banks will create more opportunities: Fin Sec

Finance Secretary Rajiv Kumar addressed the fears of many bank employees and trade union leaders and said that the merger of banks would create more opportunities.

Kumar dismissed claims from trade unions that the mergers would cause job losses at PSBs, according to an ANI report.

"When the size of a bank becomes big, then its business will also grow, resulting in more job creation. There is no question of retrenchment," Kumar said.

Kumar stated that the merger of banks would make the banking sector clean and impactful and would aid in creating a $5 trillion economy in the next five years.

Kumar cited the example of the Indian Bank-Allahabad Bank merger and said that it would give opportunities to employees to get transfers from North India to South India and vice versa.

On Friday, Finance Minister Nirmala Sitharaman announced the merger of 10 Public Sector Banks into four banks.

Read More: FM may announce another PSU bank merger soon

The members of the All India Bank Employees' Association across India are protesting against the merger decision taken by the Central Government by wearing black badges to work.

Read More: Bank employees protest against merging of PSU banks