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Finance Minister Nirmala Sitharaman pulls up public sector banks

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  27 Feb 2020 1:31 AM GMT

* Merger process is on Sitharaman

NEW DELHI: Finance Minister Nirmala Sitharaman on Wednesday pulled up PSU banks on poor branch level connections with customers, which is affecting the credit push. The Union Minister also said the merger of 10 PSU banks into four consolidated banks is very much on course and there is absolutely no uncertainty regarding this.

“We are on the course on bank mergers... lot of core banking operations regarding the merger are currently going on. There need not be any speculation. We are going as per schedule (of April 1, 2020). There are no uncertainties at all,” she said after meeting heads of all PSU banks.

Addressing an event organized by the Indian Banks Association in which EASE 3.0 was unveiled, she said the branch-level connect of the PSU banks with customers is not as it was earlier.

EASE is a Public sector banks vision document for better banking.

Customers expect personal touch from bank branch staff, the FM said, adding banks should work at branch-level in letter and spirit of banking, which is a direct connect with customers.

The FM pulled up the banks, saying many bank branch staff do not have any information on government schemes.

She said IBA should conduct an exercise for bank branches to inform them about government schemes. (IANS)

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