New Delhi: Punjab National Bank (PNB) MD and Chief Executive Officer (CEO) SS Mallikarjun Rao said that there would be no retrenchment of employees due to the merger of Oriental Bank of Commerce and United Bank of India (UBI) into PNB. Earlier, it was said by PNB that there is no proposal to change the name of the bank after the merger of two other banks.
The government had decided to merge two other public sector banks with PNB, which came into effect from April 1. PNB had also stated that customers do not have to worry about the merger, as the three banks are coming together to be better, bigger and stronger. Union Finance Minister Nirmala Sitharaman had said that before it had benefited from the merger of three banks, retail loan growth registered a 25 per cent increase.
In July 1969, 50 years ago, the then PM Indira Gandhi nationalized 14 private banks. NPAs of many state-run banks have increased significantly. According to experts, the NPAs of many banks have crossed seven percent. The merger will reduce the NPA of the banks. NPAs are a major problem for banks. The merger of banks will get rid of the NPA problem.
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