Amalgamation of PSBs facilitates better customer services: MoS Commerce

New Delhi: The amalgamation of public sector banks (PSBs) has helped in improving customer services and creating strong banks, Minister of State for Commerce and Industry Som Parkash said on Wednesday. In a written reply to a question in the Lok Sabha, the minister said the objective of amalgamation of the banks was to facilitate consolidation among PSBs to create "strong and competitive banks" capable of achieving economies of scale and realisation of synergy benefits with wider product and service offering to customers.

Govt raises maximum tenure of PSU banks MD, CEO to 10 years

"As a result of this effort, customers of amalgamated banks received access to increased number of branches and ATMs from which they can now avail banking services. Customers have also received access to a larger bouquet of products and services," he said.

The amalgamation also enhanced their lending capacity for loans of a larger size and has also enabled banks to open/reorganise, controlling offices and processing centres, equipping them for better customer serving, Parkash added.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)