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'Tinder for Banks': Twitter Reacts to Mega Bank Merger with Jokes

Some speculated at the timing of the announcement that coincided with release of India's quarterly GDP data which has down to 5 per cent as compared to 5.8 per cent in the last quarter of the financial year.

News18.com

Updated:August 30, 2019, 6:08 PM IST
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'Tinder for Banks': Twitter Reacts to Mega Bank Merger with Jokes
News18 Creative by Mir Suhail.
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In a sudden announcement on Friday, Finance Minister Nirmala Sitharaman announced the merger of 27 public sector banks into 12, the biggest being the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank.

The three banks together will merge to form India’s second largest bank after the State Bank of India, with Rs 17.95 lakh crore business and 11,437 branches.

Banking Secretary Rajeev Kumar announced that there would be no retrenchment in any of the banks. “Rather employee benefits and human resource conditions will improve. Best practices will be followed. We will especially ensure that no employee is negatively affected because of this,” he said.

Kumar also assured that the move would not cause disruption in economy.

However, at a time when concerns about the Indian economy are at an all-time high, the announcement ushered in some nervous jokes and unavoidable humour on Twitter.

However, not everyone was cracking jokes. Some asked serious questions.

Some speculated at the announcement coinciding with the release of GDP data. At five percent, the growth rate is the slowest in more than five years.

Yet others were hopeful.

Meanwhile, te Central Statistical Office (CSO) in its official release on Friday said that India's quarterly GDP has come down to 5 per cent as compared to 5.8 per cent in the last quarter of the financial year. The figure stood at 7.8 per cent in the same quarter of the previous financial year.

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