According to a top official of All India Bank Employees' Association (AIBEA), the merger of 10 public sector banks into four has been working smoothly for the past two months without any heartburn as the employee benefit schemes have been extended to all the employees.
The AIBEA is the largest union in the banking sector representing the workmen category. The information technology (IT) systems of the ten banks that were amalgamated into four are yet to be integrated.
As per the merger scheme, Oriental Bank of Commerce and United Bank of India have been merged into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Allahabad Bank into Indian Bank; and Andhra Bank and Corporation Bank into Union Bank of India.
Each bank had its own employee benefit schemes. The scheme that is most beneficial to the employees were extended to all the employees of the amalgamated entity. The next step is to draw up the career, transfer and other policies of the amalgamated entities taking into account the policies of individual banks. Till now bank branches have not been closed. But post lockdown there will be rationalisation of branches.
The merger of State Bank of India (SBI) and its five associate banks has been working smoothly and the same is expected to happen in the other bank mergers. At the bank level there may not be a bias towards the employees of an amalgamated entities as the policies will be properly drawn.
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