Unemployment office to close, but unemployment figures remain stable
The unemployment office of the State Bank of India (SBI) has announced that the bank will close in March next year, as the central bank expected, following a slowdown in the economy.
According to a statement issued by the central banker, the decision was taken to protect the financial stability of the public and safeguard the interest of the depositors of the bank.
Accordingly, the Central Bank will continue to issue liquidity to the bank, and the banking sector will not have to face a liquidity crunch, as per the decision.
The decision will result in the closure of the unemployment office in Bengaluru and the closure in the remaining states of Kerala, Odisha and Tamil Nadu, the statement said.
The bank had said in November that it will close the unemployment offices in Tamil Nadu and Kerala.
The closure of offices in Bengalururu and Kerala will be followed by closure in Bengal, Rajasthan and Uttar Pradesh, as well as by the closure for the remaining six states.