10 public sector banks will be merged to form 4 banks.
Finance Minister Nirmala Sitharaman held a press conference on 30 August 2019. She has told in this conference that the government is constantly taking steps to give speed to the country’s economy.
The Finance Minister said that the steps were taken by the government so far have resulted in a decrease in bank NPAs. This has reduced to Rs 7.90 lakh crore. 14 out of 18 public sector banks are in profit.
According to the Finance Minister, major reforms are needed in public sector banks. Now banks have started taking steps.
The Finance Minister said that the steps were taken by the government so far have resulted in a decrease in bank NPAs.
This has reduced to Rs 7.90 lakh crore. 14 out of 18 public sector banks are in profit.
Oriental Bank of Commerce (OBC) and United Bank of Commerce will merge with Punjab National Bank (PNB).
The bank formed after the merger will be the second-largest government bank in the country.
After that its total business will be Rs 18 lakh crore. Canara Bank will merge with Syndicate Bank.
Andhra Bank and Corporation Bank will merge with Union Bank. After this merger, it will be the fifth-largest government bank in India. Now the total business of these banks will be Rs 14.6 lakh crore.
Apart from this, Indian Bank will merge with Allahabad Bank. After this merger, it will be the seventh-largest bank in the country. Now its total business will be 8.08 lakh crores.
With this big announcement by the central government, now the number of public sector banks list in the country will be reduced from 27 to 12.
The finance minister said that banks have helped four big non-banking financial companies (NBFCs).
They have received Rs 3300 crore under the guarantee plan. The government is constantly taking steps to give a rapid pace to the country’s economy.
Let us tell you that State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore.
And two non-listed banks State Bank of Patiala, State Bank of Hyderabad as well as State Bank of India Was merged EARLIER.