Is the entral government planning to shut down State Bank of India (SBI) branches across the country and replace them with e-corners? No, the government has ruled out the possibility of closing down branches of SBI Bank.
Rubbishing the report, Union Minister of State for Finance Anurag Thakur said Parliament that government has no plans to shut down branches o SBI Bank or reduce the number of the employees of the country’s largest lender.
According to Financial Express, "State Bank of India has informed that its approximate present staff strength is 2.5 lakh and no reduction in the number of employees is envisaged by March 2021, and that there is no plan to shut down bank branches throughout the country and substitute them with e-corners," Anurag Thakur told Parliament in a written reply to a query by a member.
The member had also asked whether the government proposed to reduce 16 lakh employees of State Bank of India by March 2021.
In January the SBI Research had said that the country is creating at least 16 lakh payrolls in FY20, Financial Express reported.
“The Indian economy is expected to expand at 5% in FY20 (SBI:4.6%). The slow growth is now having a visible impact on payroll creation. In FY19, India had created 89.7 lakh new payrolls as per the EPFO data. In FY20, as per current projected this number could be at least 15.8 lakh lower,” the SBI Research report had said.
“The EPFO data primarily covers low paid jobs as the salary is capped at Rs 15,000 per month. Government jobs, State Government jobs and Private jobs are not part of this ambit as such data have moved to NPS beginning 2004. Interestingly, even in the NPS category, State and Central Government are supposed to create close to 39,000 jobs less in FY20 as per current trends. Hence, the number of new payroll created in FY20 could be at least 16 lakh lower than in FY19,” it further added.
The SBI Research report further said that the number of second payrolls was increasing significantly. And this coupled with the projection of a lower new payroll creation in FY20 indicates the possibility that adequate new payrolls are not being created.
Also Read: SBI FD account holder? You will earn less from today! Check new FD interest rates
Also Read: SBI Home Loans to go cheaper as bank cuts MCLR by 5 bps; interest on FD to go down
Latest Business News
