Govt closely monitoring coronavirus impact on economy, says Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharman on Wednesday said the government is keeping a close watch on the impact of the coronavirus outbreak on the Indian economy
The minister also said that the process of merger of public sector banks was underway as per the schedule
The government has announced to merge 10 sector state-run banks to create four bigger lenders
Last year in August, the government announced merger of 10 public sector banks into four
New Delhi: Finance Minister Nirmala Sitharman on Wednesday said the government is keeping a close watch on the impact of the coronavirus outbreak on the Indian economy.
The minister also said that the process of merger of public sector banks was underway as per the schedule. The government has announced to merge 10 sector state-run banks to create four bigger lenders.
The governemnt is "closely monitoring" the impact of the coronavirus outbreak on the economy, she said.
Finance Minister @nsitharaman addresses media, says met top executives of public sector banks today; met MSME Minister @nitin_gadkari on schemes related to the lending sector@FinMinIndia @nsitharamanoffc pic.twitter.com/8HZHud2pVo
— CNBC-TV18 (@CNBCTV18Live) February 26, 2020
Over 2,700 people have died due to Novel coronavirus 2019 (COVID-19) while the number of those infected is around 80,000. In the wake of the virus outbreak, whose epicentre is China, many airlines, including Indian carriers, have cancelled some of their overseas flights. On bank mergers, Sitharaman said there is "no uncertainty about bank merger" and the process is on as per the schedule.
Last year in August, the government announced merger of 10 public sector banks into four. United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB) from 1 April this year.
It was also decided to merge Syndicate Bank with Canara Bank, and Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India.
In April 2019, Bank of Baroda, in the first three-way merger exercise, amalgamated Vijaya Bank and Dena Bank with itself.
SBI had merged five of its associate banks -- State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad as well as Bharatiya Mahila Bank with itself effective April 2017.
Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply
Apart from these days, several banks might remain closed mid-March as many unions have called for a nationwide strike against the government's plan for making the banking sector private. The two-day-long strike is on 15 and 16 March.
Addressing a webinar on the effective implementation of the Union Budget's provisions in the defence sector, the PM urged the private sector to take up both designing and manufacturing of defence equipment
Women run fewer than 13% of India's MSMEs; inaccessibility of credit, govt schemes and now COVID are key hurdles
The biggest challenge faced by women entrepreneurs in India is gender bias in access to finance as studies show that their loan applications are more likely to be delayed or rejected as compared to men