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SBI Staff Reduces by 6k Employees, to Redeploy 10k Post Merger
August 16, 2017
As many as 6,622 employees have parted ways with the public-sector State Bank of India has during the first quarter of the current fiscal, thus leaving the bank with only 2,73 lakh employees from the previous 2.80 lakh employees. This has been mainly contributed to retirements and a voluntary retirement scheme. However, the bank plans to redeploy a minimum of 10,000 employees after the mega-consolidation.
According to SBI chairperson, Arundhati Bhattacharya, although 594 branches have been merged already, a lot is there to be done still. For instance, one hurdle is to prevent having multiple outlets in the same area.
Overall, however, the merger is expected to save the bank about Rs. 1,160 crores every year.
