PUBLIC SECTOR BANKS MERGER 2019
Nirmala Sitharaman announces major bank merger: 27 PSBs will now become 12.
Profitability of public sector banks has improved and total gross non-performing assets have come down to Rs 7.9 lakh crore at end-March 2019 from Rs 8.65 lakh crore at end-December 2018, says the Finance Minister.
Executive Director's strength in larger banks to be raised to four. Bank of India and Central Bank of India will continue to function as is.
Indian Overseas Bank, UCo Bank, Bank of Maharashtra and Punjab and Sindh Bank will continue to function in their regional areas.
This means there are 12 PSBs in the country to power the Five trillion economy dream, she says.
Canara Banka and Syndicate Bank will be merged and this will be the third largest bank. iFlex will be the Fintech.
Union Bank of India, Andhra Bank, Corporation Bank will be merged to become the fifth largest PSB.
Indian Bank is being merged with Allahabad Bank. The business size will make it the seventh largest bank.
Nirmala Sitharaman announces the merger of Punjab National Bank, Oriental Bank of Commerce, and United Bank. The merged entity will be the second largest bank in India with business of Rs. 17.95 lakh crore.
Anchor bank will be PNB, she says. Finacle is the Fintech.
The new entity will have 11,437 branches.
Citing the recent merger of Bank of Baroda, Vijaya Bank and Dena Bank, she says no one was retrenched. Best practices of one adopted for the merged entity, she adds.
Loan recoveries have reached record levels., says Ms. Sitharaman and adds it has crossed Rs. 1.21 lakh crore in FY19.
Gross NPAs have come down and the level they are at today is just 7.9% as of March 2019. The figures have come down to Rs. 7.9 lakh crores.
Four NBFCs have received liquidity from banks since last week, the Finance minister says and briefs steps taken to make banking more efficient.
Financial sector and banks are the topics for today’s meet, announces Nirmala Sitharaman. Today's press meet is a continuation of the one held last week to address the issues to do with the economy.
Profitability of public sector banks has improved and total gross non-performing assets have come down to Rs 7.9 lakh crore at end-March 2019 from Rs 8.65 lakh crore at end-December 2018, says the Finance Minister.
Executive Director's strength in larger banks to be raised to four. Bank of India and Central Bank of India will continue to function as is.
Indian Overseas Bank, UCo Bank, Bank of Maharashtra and Punjab and Sindh Bank will continue to function in their regional areas.
This means there are 12 PSBs in the country to power the Five trillion economy dream, she says.
Canara Banka and Syndicate Bank will be merged and this will be the third largest bank. iFlex will be the Fintech.
Union Bank of India, Andhra Bank, Corporation Bank will be merged to become the fifth largest PSB.
Indian Bank is being merged with Allahabad Bank. The business size will make it the seventh largest bank.
Nirmala Sitharaman announces the merger of Punjab National Bank, Oriental Bank of Commerce, and United Bank. The merged entity will be the second largest bank in India with business of Rs. 17.95 lakh crore.
Anchor bank will be PNB, she says. Finacle is the Fintech.
The new entity will have 11,437 branches.
Citing the recent merger of Bank of Baroda, Vijaya Bank and Dena Bank, she says no one was retrenched. Best practices of one adopted for the merged entity, she adds.
Loan recoveries have reached record levels., says Ms. Sitharaman and adds it has crossed Rs. 1.21 lakh crore in FY19.
Gross NPAs have come down and the level they are at today is just 7.9% as of March 2019. The figures have come down to Rs. 7.9 lakh crores.
Four NBFCs have received liquidity from banks since last week, the Finance minister says and briefs steps taken to make banking more efficient.
Financial sector and banks are the topics for today’s meet, announces Nirmala Sitharaman. Today's press meet is a continuation of the one held last week to address the issues to do with the economy.
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