It refers to Union Cabinet on 04.03.2020 giving nod to amalgamation of ten public-sector banks into other major public-sector banks thus making a total 12 public-sector banks rather than 29 at one time. Already Dena Bank and Vijaya Bank have been merged with Bank of Baroda and all erstwhile subsidiaries of State Bank of India (SBI) in SBI itself.
Mega-merger of public-sector banks will save hugely on overheads and by merging nearing branches of amalgamated banks thus leading surplus staff which should pave way for introducing much-needed seven-day banking every week without any holiday.
Banking employees then can be given two weekly offs with rotation thus making them beneficiary of banking without any weekly off because in present system they have to work on First, Third and Fifth Saturdays every month. Banking customers will benefit with banking available on every Saturday and Sunday also resulting in huge saving of present interest-loss because of banks not working on Sundays and two Saturdays
Banking-charges, minimum-balance requirements and interest-rates both for deposits and loans should be made uniform simultaneously from 01.04.2020. Forms for various banking needs should be uniform and should be available on websites with provision of downloading pre-filled forms for clarity and convenience to all. More facilities like opening counters for Insurance-needs in public-sector insurance companies should be set up at least in bigger branches to encourage insurance through public-sector companies.
SUBHASH CHANDRA AGRAWAL