Union Finance Minister Arun Jaitley has reportedly asserted in Lok Sabha that there would be no loss of jobs due to the proposed amalgamation of public sector banks – Bank of Baroda, Vijaya Bank and Dena Bank. This assurance comes on the heels of the Cabinet approving the merger of Vijaya Bank and Dena Bank with Bank of Baroda.
Stating that there would be no job losses from the consolidation among public sector banks, Jaitley noted that such a move would create a bigger entity on the lines of State Bank of India. The amalgamation would result in making the cost of lending cheaper, he added.
It may be recalled that the Union Cabinet had while approving the scheme of amalgamation of Bank of Baroda, Vijaya Bank and Dena Bank said that every permanent and regular officer or employee of the transferor banks (Vijaya Bank, Dena Bank) will become an officer or employee and will hold his office or service therein in the transferee bank (Bank of Baroda).