Will SBI Branches Shut Down & Replaced by E-Corners for Customers?

The central government has clearly rubbished the report to close down State Bank of India branches across the country and replace them by e-corners.

Will SBI Branches Shut Down & Replaced by E-Corners for Customers?
SBI
Will SBI Branches Shut Down & Replaced by E-Corners for Customers?

The central government has clearly ruled out the possibility to close down State Bank of India branches across the country.

Union minister of state for finance Anurag Thakur rubbished the report and said, “The government has no plan to replace the SBI branches by e-corners. It will not even reduce the number of its bank employees.”

In a written a reply minister Thakur told the parliament, “State Bank of India has informed that its approximate present staff strength is 2.5 lakh and no reduction in the number of employees is envisaged by March 2021, and that there is no plan to shut down bank branches throughout the country and substitute them with e-corners.” 

The minister responded to a query by a member on whether the government is planning to shut down bank branches throughout the country, substituting by e-corners. Member further asked, whether, the government proposed to reduce 16 lakh employees of State Bank of India by March 2021.

As per the SBI Research report, “The Indian economy is expected to expand at 5% in FY20 (SBI:4.6%). The slow growth is now having a visible impact on payroll creation. In FY19, India had created 89.7 lakh new payrolls as per the EPFO data. As per current projected this number could be at least 15.8 lakh lower in FY20.”