In exercise of consolidation of ten Public Sector Banks into four bringing the number of nationalised public sector Banks to twelve, as many as 2118 branches of public sector banks have either been closed or merged with other banks in the Financial Year 2020-2021.
Bank of India and UCO bank did not close or merge even a single branch in the last Financial Year 2020-2021. The highest number of 1283 branches of Bank of Baroda were either closed or merged, according to information provided to an RTI query filed by Neemuch-based activist Chandrashekhar Gaud.
All India Bank Employees Association (AIBEA) general secretary C. H. Venkatachalam said a dip in the number of the public sector banks was not in the interest of the banking industry and domestic economy. He said there was a need to expand the branches of the banks to cater to the vast population in the country. Bringing down the number of bank branches has reduced employment opportunities in the banking sector following which the young people were frustrated, Venkatachalam added.
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