'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 Creative by Mir Suhail.
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.
#MegaBankMergers10 Public Sector Banks merged into 4.- PNB + OBC + United Bank - Canara Bank + Syndicate - Union Bank + Andhra Bank + Corporation Bank- Indian Bank + Allahabad Bank— Ira Dugal (@dugalira) August 30, 2019
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.
Finance Minister Nirmala Sitharaman merges 10 Public Sector banks into 4.We have moved from being an emerging economy to a merging economy.— Ramesh Srivats (@rameshsrivats) August 30, 2019
Is there a Tinder for banks that I don’t know about. pic.twitter.com/x2fonakH3A— Siddharth Singh (@siddharth3) August 30, 2019
Twitter is trending with all the banks today. 😂 #bankmerger— Joshua D'souza (@TheJoshuaDsouza) August 30, 2019
However, not everyone was cracking jokes. Some asked serious questions.
So long as every employee gets a time bound salary increment (nothing more, nothing less), what is the incentive for someone to work? Address that before we dream about PSU Banks becoming a mean machine. @nsitharaman— R. Balakrishnan (@BalakrishnanR) August 30, 2019
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.
Wow GDP growth slows to 5%. No wonder this bank reform presser was called to balance the bad news. #banks— Tarun Shukla (@shukla_tarun) August 30, 2019
GDP growth numbers for Quarter 1 even lower than expectations .. at 5%! No amount of PSU banks consolidation will help #economy— Gargi Rawat (@GargiRawat) August 30, 2019
Yet others were hopeful.
Today Govt announced Bank merger... kam banks honge... kam branches hongi... frauds kam honge.... Wah Modi ji Wah ! Masterstroke 👏👏 https://t.co/8xpbpdFG04— Arun Arora (@Arun2981) August 30, 2019
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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