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Saturday, December 3, 2022

2,118 Branches Of 10 Govt Banks Closed Down Or Merged In Last 365 Days

In the massive consolidation drive of August 2019, ten public sector banks were merged into four, bringing down the total count from 27 to 12.

It has been reported that nearly 2,118 branches of the ten PSBs have either been completely merged with other bank branches or shut down in the last fiscal year.

This has not only pulled down the number of available branches but also have affected employment for many, added bank unions.

You can find the list of all the banks merged here.

Over 2000 Bank Branches Swept Out of Existence
According to a response from RTI, about 2,118 bank branches of the ten public sector banks merged into four, have either been completely merged with other banks or shut down, ceasing in existence in the past year.

About 1,283 branches of Bank of Baroda alone have been either merged or closed, of the 2,118 count., while Bank of India and UCO bank saw no shut down in any of their branches.

The RTI response comes after a query filed by the activist Chandrashekhar Gaud.

Bank Unions Demand and Increase in No. of Branches
Bank unions showed a strong disapprovement towards the government’s decision of privatisation of banks and bank mergers.

According to the general secretary of the All India Bank Employees Association bank union CH Venkatachalam, the reduction in the number of the public sector banks doesn’t interest either the banking industry or the domestic economy.

He said that an increase in the number of bank branches was needed to cater to the vast population in the country.

He added that reducing the number of branches have also led to a decrease in employment opportunities in the banking sector, which allegedly frustrated the younger generation.

On March 15 and 16, about 10 million bank employees participating from nearly 9 bank unions conducted a two-day bank strike, in response to the government’s decision of privatising two more public sector banks besides IDBI bank.

Trak.in has exclusively covered every detail related to this.

Heavy losses were incurred due to the two day bank strike, with about Rs 16,500 crore affected due to clearance of cheques and payment instruments only on the first day of the strike.

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