amalgamation of public sector banks has helped customer services, says Minister

67
1
 amalgamation of public sector banks has helped customer services, says Minister

The amalgamation of the public sector 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 that the aim of amalgamation was to facilitate consolidation among PSBs to create strong and competitive banks capable of economies of scale and realisation of synergy benefits with wider product and service offering to customers.

As a result of this effort, customers of amalgamated were given access to increased number of branches and ATMs from which they can now avail banking services. He said customers have access to a larger range of products and services.

The amalgamation has increased their lending capacity for loans of a larger size, and has allowed banks to open reorganisations, controlling offices and processing centres, equipping them for better customer service, Parkash said.

He was responding to the question of whether consolidation of public sector banks has positively impacted the ease of doing business.