In the biggest consolidation exercise in the banking space, the government on August 30 announced four major mergers of PSBs, bringing down their total number to 12 from 19 in 2017, a move aimed at making state-owned lenders global-sized banks.
If the two-day strike planned by the officers' unions materialises then it could affect operations, country's largest lender State Bank of India (SBI) said on September 16. Four officers' unions of public sectors banks plan to protest against the recently-announced mega-merger of 10 state-run banks into four by going on a two-day strike starting September 26.
"While bank has made all arrangements to ensure normal functioning in its branches and offices, it is likely that work in our bank may be impacted to some extent by the strike," SBI said in a regulatory filing.
The Indian Banks' Association (IBA) has informed SBI that the All India Bank Officers' Confederation (AIBOC), All India Bank Officers' Association (AIBOA), Indian National Bank Officers' Congress (INBOC) and National Organisation of Bank Officers (NOBO) has given a call for a pan-India strike by bank employees on September 26 and 27, 2019.
The government on August 30 announced its mega consolidation plan to bring the down the total number of PSBs to 12 from 19 in 2017 in a bid to make them global-sized banks.
As per the plan, United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB).
Syndicate Bank is to be merged with Canara Bank, while Allahabad Bank will be merged with Indian Bank. Andhra Bank and Corporation Bank will amalgamate with the Union Bank of India.
Earlier this year, Bank of Baroda merged Vijaya Bank and Dena Bank with itself to become the second largest public sector lender.
SBI had merged five of its associate banks - State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bhartiya Mahila effective April 2017.With inputs from PTIGet access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.