The Centre today said the recent mergers of public sector banks have resulted in benefits accruing to the public at large because of enhanced offerings and services.
"Public at large have benefited from the amalgamation as the amalgamated bank is offering enhanced access to banking services through a stronger and larger network, greater financial inclusion of the underprivileged, wider and customised array of banking and other financial products and services, and improved digital experience through investments in technology," said Dr Bhagwat Karad, Minister of State for Finance.
He was responding to a question in Rajya Sabha about whether " most of the public sector banks would be disinvested or merged."
The minister refused to give a direct answer to the question. Instead, pointing to the benefits of merging multiple banks into one.
The government has carried out six mergers involving 20 banks in the last five years, including the State Bank of India and Punjab National Bank. Karad went on to list the benefits of the merger for employees and customers, adding that 'not a single person was laid off because of these mergers.'
"Employees have benefited through opening up of wider career and geographical opportunities, enhanced depth and breadth of employees’ exposure and improved perquisites through harmonisation of benefits on best-across-banks basis, " he said.
He also pointed out that all public sector banks are now making profits.