State Bank of India (SBI) Chairperson Arundhati Bhattacharya has sought to allay concerns that have cropped up over the proposed merger of the SBI’s associate banks with the parent bank.
Speaking to the media on the sidelines of the 56{+t}{+h}Annual General Body meeting of shareholders at AKG Memorial Hall here on Monday, Ms. Bhattacharya said no employee would be adversely affected by the merger.
She added that all the existing branches functioning under the associate banks would be shut down.
The prime goal of the merger is improving the efficiency of the bank, she said.
“By merging various associate banks with the SBI, we hope to create a formidable organisation. All stakeholders, including employees and shareholders, will equally benefit from the move,” Ms. Bhattacharya said.
The meeting witnessed some participants raising objections to the proposed merger.
They said the move could have far-reaching consequences for the State’s development, considering that the State Bank of Travancore (SBT) was the sole public-sector bank that is headquartered in Kerala.
The move could also affect as many as 14,892 employees of the SBT, they said.
‘No employee will be adversely affected by the merger, whose goal is improving SBI’s efficiency’
