August 26, 2017
EMAIL TO THE EDITOR
The Union Cabinet on August 23 gave the in principle nod to merge public sector banks. But this is to be phases and too only after a long time-consuming process of deliberations and consultations in committees to be formed for this.
Talks of merger of nationalised banks have been in the air for long. Sufficient reports must have been ready by now for an early implementation of already over-delayed decision. It is also clear from news appearing in media about five banks (apart from State Bank of India) namely Punjab National Bank, Canara Bank, Union Bank of India, Bank of India and Bank of Baroda being made anchor banks. Merger should be in one-go rather than in phases that too at the earliest.
It will save enormous amount of public money being presently spent on heavy overheads. The merger will help close branches with insignificant business. Shortage of staff will be solved providing the much-needed seven-day week banking services, giving employees two rather than present one-and-half weekly holiday.
Disclaimer: The views expressed above are the author’s own.
(The author of the column is Madhu Agrawal , Guinness Record Holder for letters in newspapers)