The Hush Post | 3:02 pm|one-minute-read|
Many banks across India will remain closed for four days towards September end. The dates on which these banks will not function are September 26 to September 29 due to strikes and holidays.
The strike has been called by All India Bank Officers’ Confederation (AIBOC), All India Bank Officers’ Association (AIBOA), Indian National Bank Officers’ Congress (INBOC), National Organisation of Bank Officers (NOBO) following the recent government announcement to merge 10 public sector banks into four.
These banking unions have declared a two-day strike between September 26 and September 27 to protest against the merger. September 28 is the last Saturday of the month and September 29 is a Sunday. As a result, banks will remain closed on those two days also. It means that banks will remain closed for four days.
Finance Minister Nirmala Sitharaman had on August 30 announced that Punjab National Bank, Oriental Bank and United Bank will be merged to become the second-largest PSU Bank in India. Canara Bank and Syndicate Bank will be merged into one entity to be 4th largest PSB, while Union Bank of India, Andhra Bank and Corporation Bank will be amalgamated into a single entity to be the 5th largest PSB. Also, Indian Bank and Allahabad Bank will become one entity to be the 7th largest PSB.
The finance minister further said that the Bank of India and Central Bank of India would remain independent.
Now only 12 public sector banks will be left in India from the earlier list of 27.