More than 3427 branches of 26 state-run banks had been shut down within a span of five financial years as per RTI(Right to Information) reports. As per projections a further 7000 bank branches are facing lay down fears with the Centers initiative to merge 10 nationalized banks to four banks.
A more concerning fact is that the nation’s biggest public sector bank ‘The State Bank of India’ contributes to more than 75 percent of the closed 3427 banks. To compensate this backward pull five tributaries of SBI as well as Woman’s Bank of India merged on to SBI. The shocking RTI reports reveal the real motives behind the Center’s move to veil the crash of the banking sector by merging 10 banks to form four nationalized banks.
The RTI report fetched by Chandrashekhar Gowda from Reserve Bank of India asserts 26 state-run Banks had closed 90 branches in 2014-15,126 branches in the year 2015-16, 253 branches in the year 2016-17, 2083 branches in the year 2018-19 and in the current business year 2018-19, 875 branches had been closed until now.
The central government is moving ahead with the merger of 10 nationalized banks which will result in the closing of 7000 bank branches.
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