FM Nirmala Sitharaman to address press conference at 4 pm today; likely to announce major plan for merger of PSU banks
In the previous term of the Modi government, five associate banks and Bharatiya Mahila Bank were merged with State Bank of India.
The department of financial services in the finance ministry on Friday convened a meeting of chief executives of at least ten PSBs
Shares of the PSBs were trading mixed on the NSE in the afternoon after the reports of the govt's plan
In the previous term of the Modi government, five associate banks and Bharatiya Mahila Bank were merged with State Bank of India
Finance Minister Nirmala Sitharaman is holding a meeting with the heads of the public sector banks (PSBs) today. It is expected that there will be a major announcement on the merger plan of the PSBs.
The Narendra Modi government has reportedly prepared a major plan for merging multiple sets of PSBs and may announce it anytime soon, said a report in Business Standard quoting sources.
The department of financial services in the finance ministry on Friday convened a meeting of chief executives of at least ten PSBs, which are likely part of the merger plan, said the report.
These ten PSBs are: Punjab National Bank, Union Bank, Canara Bank, United Bank of India, Allahabad Bank, Indian Bank, Oriental Bank of Commerce, Syndicate Bank, Corporation Bank and Andhra Bank, according to Moneycontrol.
Meanwhile, shares of the PSBs were trading mixed on the National Stock Exchange (NSE) in the afternoon, after reports said the government may announce the mega plan for the merger of the state-run banks today.
Oriental Bank of Commerce, Central Bank of India, Syndicate Bank and Allahabad Bank were up in the range of 3 per cent to 6 per cent on the NSE.
In the previous term of the Modi government, five associate banks and Bharatiya Mahila Bank were merged with State Bank of India. Similarly, Dena Bank, Vijaya Bank merged with Bank of Baroda which came into effect from 1 April 2019.
According to the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980, the government must consult the Reserve Bank of India (RBI) before planning of merger plan.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
Parliament LIVE Updates: Speaker Om Birla has extended the Lok Sabha proceedings till 10 pm today. The House is taking up the Zero Hour now
Parliament Monsoon Session: Centre, Oppn trade fire on PM CARES Fund; RS passes bill to punish attacks on health workers
In the Lok Sabha, Opposition MPs of the Congress, DMK, TMC, and others opposed the PM CARES Fund, alleging that it lacked transparency
Parliament Updates: Lok Sabha approves Centre's demand for supplementary grants; both houses adjourned till tomorrow
Parliament LIVE Updates: Finance Minister Nirmala Sitharaman said that additional resources as part of the first demand for excess grants is being used for "people-centric activity and some of the most critical government schemes like the PM Gareeb Kalyan Yojana."