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Around 3,00,000 employees of public sector banks strike against mergers

Wednesday, October 23, 2019, 8:21 AM

Nearly 3,00,000 employees of public sector banks went on strike against government plans to consolidate the sector through mergers as part of efforts to ensure stronger balance-sheets. PM Modi's government has vowed to cut the total number of state-owned banks to 12, from 27 in 2017, raising fears of job losses. Under the current round of squeezing, 10 banks will be amalgamated into four.