Union Budget 2020: Budget May Provision Rs 50k Cr Recap For PSU Banks
4 years, 11 months ago

Union Budget 2020: Budget May Provision Rs 50k Cr Recap For PSU Banks

ABP News  

New Delhi: The Union Budget 2020 may allocate Rs 50,000 crore recapitalisation for the banks undergoing merger to support them through the amalgamation with the anchor banks. The new merged bank will be the second-largest PSB in the country with Rs 18 lakh crore business and the second-largest branch network in India. The Canara and Syndicate Banks will also merge to become the fourth-largest PSB with Rs 15.2 lakh crore business and third-largest branch network in India. The merger of the Union Bank of India, the Andhra Bank and the Corporation Bank will create India's fifth-largest PSB with Rs 14.6 lakh crore business and fourth-largest branch network.

Bank Capital Crore Banks India Rs 2020 Budget  50k  2020  budget  merger  indian  india  rs  business  psu  recap  banks  bank  cr  crore  union  lakh  capital  provision

History of this topic

Seventh largest public sector bank carries a legacy of over a century
2 weeks, 4 days ago

Seventh largest public sector bank carries a legacy of over a century

The Hindu  

Indian Bank, which was established on March 5, 1907 and officially started operations on August 15, 1907, has a legacy of over a century. As on September 30, 2024, Indian Bank is the seventh largest public sector bank with a total business of ₹12.44 lakh crore. The establishment of the bank reflected the nationalistic desire for a reliable, Indian-managed financial …

India: Centre rules out new PSU bank mergers
1 month ago

India: Centre rules out new PSU bank mergers

Deccan Chronicle  

New Delhi: The Centre may not consider merger of public sector banks as several reforms undertaken by the government in the banking sector have created systemic improvements and instituted checks and controls to minimise the risk of recurrence of excessive stress, the government said on Tuesday. “The reforms undertaken by the government in the banking sector have created systemic improvements …

Government may introduce amendments to laws to push banking sector reforms in Budget session
5 months, 4 weeks ago

Government may introduce amendments to laws to push banking sector reforms in Budget session

The Hindu  

The government is likely to introduce amendments to Banking Regulation Act 1949 and other laws to push banking sector reforms during the upcoming Budget session. Apart from this, amendments in the Banking Companies Act, 1970, and the Banking Companies Act, 1980 are needed for privatisation of public sector banks, sources said. Amendments, if approved by Parliament, would help bring down …

FinMin revises letter, scotches PSU bank merger speculation
1 year ago

FinMin revises letter, scotches PSU bank merger speculation

Live Mint  

The Union finance ministry has rectified the agenda of a parliamentary committee meeting scheduled for early next year, putting an end to speculation of a potential merger of public sector banks—UCO Bank with Union Bank of India, and Bank of India with Bank of Maharashtra. In a letter addressed to, among others, the bank chiefs of the four PSU banks …

PNB market cap surpasses ₹1 lakh crore; third PSU bank to achieve feat
1 year ago

PNB market cap surpasses ₹1 lakh crore; third PSU bank to achieve feat

Live Mint  

Within the universe of PSU banking stocks, Punjab National Bank has emerged as a standout performer, showcasing remarkable resilience and performance throughout the current year. This outstanding performance catapulted the bank's market capitalisation beyond the ₹one lakh crore milestone in today's trade, making it the third public sector bank to achieve this significant feat. The bank's pre-provision operating profit came …

Union Bank Q2 results: PSU bank’s net profit swells 90% YoY to ₹3,511 crore
1 year, 2 months ago

Union Bank Q2 results: PSU bank’s net profit swells 90% YoY to ₹3,511 crore

Live Mint  

Union Bank of India Q2 results: The government lender reported a whopping 90% rise in its net standalone profit to ₹3,511 crore in the September quarter of Financial year 2023-24. Union Bank of India's net NPA reduced to 1.30% in the quarter under review from 2.64% in the year-ago period. More than 3.51 lakh new enrollments were made by the …

Canara Bank was top lender to public sector cos in FY23
1 year, 5 months ago

Canara Bank was top lender to public sector cos in FY23

Live Mint  

Public Sector Banks lent ₹4.12 trillion to state-backed corporations and public sector undertakings during 2022-23, down from ₹4.93 trillion during the previous year, finance minister Nirmala Sitharaman informed Parliament in a written response on Monday. Responding to questions by member of parliament, Velusamy P, Sitharaman informed the Lok Sabha that Canara Bank led the lending during 2022-23 to government backed …

Budget 2023 | Highest-ever capital outlay of ₹2.4 lakh crore for Railways
1 year, 11 months ago

Budget 2023 | Highest-ever capital outlay of ₹2.4 lakh crore for Railways

The Hindu  

The Union Budget has proposed a record budgetary allocation of ₹2.40 lakh crore for the Indian Railways on February 1. Overall, the government proposed to increase capital expenditure outlay by 33% to ₹10 lakh crore in 2023-24, which would be 3.3% of the GDP, said Ms. Sitharaman. With the substantial increase, it is central to government’s efforts to enhance growth …

ECONOMIC PERSPECTIVES | Is a reversal of bank nationalisation on the cards?
1 year, 11 months ago

ECONOMIC PERSPECTIVES | Is a reversal of bank nationalisation on the cards?

The Hindu  

Published : Jan 26, 2023 10:25 IST The semi-annual Financial Stability Report from the Reserve Bank of India signals that the country’s banking system, especially the public banking system, has put behind it the stress from disturbingly high non-performing or bad loans on its books. The asset quality review resulted in an increase in the volume of recorded gross NPAs …

Union Budget 2022 | Record allocation of ₹1.37 lakh crore for Railways
2 years, 11 months ago

Union Budget 2022 | Record allocation of ₹1.37 lakh crore for Railways

The Hindu  

The Union Budget has proposed a record budgetary allocation of ₹1.37 lakh crore for the Railways, with a capital expenditure outlay of over ₹2.45 lakh crore for the upcoming financial year. Finance Minister Nirmala Sitharaman on Tuesday also announced that 2,000 km network will be brought under Kavach — an indigenous technology developed for safety, in 2022-23, and 400 new-generation …

PSU banks mobilise record fund of ₹58,700 crore from markets in FY21
3 years, 5 months ago

PSU banks mobilise record fund of ₹58,700 crore from markets in FY21

Live Mint  

Notwithstanding economic disruptions caused by the pandemic, public sector banks have managed to raise a record ₹58,700 crore from markets in FY2020-21 through a mix of debt and equity to enhance capital base. Punjab National Bank mobilised ₹3,788 crore through share sale on private placement basis during the financial year ended March 31, 2021. In addition, 12 PSBs raised funds …

Bank Privatisation: Central Bank of India, Indian Overseas Bank May Be Privatized This Fiscal
3 years, 7 months ago

Bank Privatisation: Central Bank of India, Indian Overseas Bank May Be Privatized This Fiscal

News 18  

The Centre could privatise the two-state run banks — Central Bank of India and Indian Overseas Bank soon, according to report by Times of India. NITI Ayog, the government think-tank has recently submitted a report to the core group of secretaries on Disinvestment mentioning the names of the two banks the would be privatised this fiscal, news agency PTI mentioned. …

Govt to amend two Acts to enable privatisation of PSU banks
3 years, 10 months ago

Govt to amend two Acts to enable privatisation of PSU banks

India TV News  

To facilitate privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year. The ongoing Budget session is scheduled to take up as many as 38 Bills including the Finance Bill 2021, Supplementary Demands for Grants for 2020-21 and related Appropriation Bill, National Bank for Financing Infrastructure and Development Bill, 2021, and Cryptocurrency …

Union Budget 2021: Sitharaman defends privatisation of PSBs in interview with News18, says India needs more efficient banks
3 years, 11 months ago

Union Budget 2021: Sitharaman defends privatisation of PSBs in interview with News18, says India needs more efficient banks

Firstpost  

In an exclusive interview to CNN-News18’s Rahul Joshi after unveiling the Union Budget 2021 on Monday, Union minister Nirmala Sitharaman weighed in on the key takeaways from the budiget and defended the Centre’s push for disinvestment, including two public sector banks. Speaking to Network18 Group Editor Rahul Joshi, Sitharaman said that the Centre is looking at setting up a holding …

Engaging With RBI on Privatisation of Govt-Run Banks in Big Way, Can't Have Laggards: Nirmala Sitharaman
3 years, 11 months ago

Engaging With RBI on Privatisation of Govt-Run Banks in Big Way, Can't Have Laggards: Nirmala Sitharaman

News 18  

Finance minister Nirmala Sitharaman on Monday told the News18 Network that the government had engaged with the Reserve Bank of India in a “big way” as she outlined a timeline for meeting divestment targets set in her Budget 2021 speech. Speaking to News18 Network’s Editor-in-Chief Rahul Joshi, the finance minister said that the country needs efficient banks for the economy …

New NPA Cycle, Privatisation Among Ailments in Banking that Union Budget 2021 is Expected to Address
3 years, 11 months ago

New NPA Cycle, Privatisation Among Ailments in Banking that Union Budget 2021 is Expected to Address

News 18  

With the Union Budget due to be presented on Monday, stakeholders in the banking sector expect the Centre to go beyond recapitalisation of bonds to infuse capital in public sector banks. The RBI’s stress test recently revealed that bank NPAs could jump from 7.5 per cent in September last year to 13.5 per cent by September this year. The gross …

Know the Changes Affecting Customers Post Corporation Bank, Andhra Bank Merger with Union Bank of India
3 years, 11 months ago

Know the Changes Affecting Customers Post Corporation Bank, Andhra Bank Merger with Union Bank of India

News 18  

The migration of all the customers of the Corporation Bank and Andhra Bank has been successfully completed to the core banking solution of Union Bank of India. Internet banking, mobile banking, UPI, IMPS, treasury and swift have also been rolled out by UBI for Andhra and Corporation Bank customers. No changes have been made to the account number and customer …

New NPA Cycle, Privatisation Among Ailments in Banking that Union Budget 2021 is Expected to Address
3 years, 11 months ago

New NPA Cycle, Privatisation Among Ailments in Banking that Union Budget 2021 is Expected to Address

News 18  

With the Union Budget less than a week away, stakeholders in the banking sector expect the Centre to go beyond recapitalisation of bonds to infuse capital in public sector banks. The RBI’s stress test recently revealed that bank NPAs could jump from 7.5 per cent in September last year to 13.5 per cent by September this year. The gross non-performing …

India considers creating bank with $13.7 billion equity capital to fund roads
4 years ago

India considers creating bank with $13.7 billion equity capital to fund roads

Hindustan Times  

India is considering a proposal to create a bank to help fund port, road and power projects as Prime Minister Narendra Modi’s administration aims to lift Asia’s third-largest economy out of the recession. India faces the challenge of boosting spending on productive assets that aid economic growth after being forced to direct the bulk of stimulus last year on the …

Finance Ministry May Provide Capital Support Worth Rs 20,000 crore to Public Sector Banks in 3rd Quarter
4 years, 3 months ago

Finance Ministry May Provide Capital Support Worth Rs 20,000 crore to Public Sector Banks in 3rd Quarter

News 18  

The Finance Ministry is likely to provide capital support from the Rs 20,000 crore fund approved by Parliament in recently concluded session to some Public Sector Banks in the third quarter itself. In the last financial year, Punjab National Bank got Rs 16,091 crore, Union Bank of India received Rs 11,768 crore while Canara Bank and Indian Bank got Rs …

Govt Seeks Parliament Nod for Rs 20,000 Crore Capital Infusion in Public Sector Banks
4 years, 3 months ago

Govt Seeks Parliament Nod for Rs 20,000 Crore Capital Infusion in Public Sector Banks

News 18  

The government on Monday sought Parliament’s approval for infusing Rs 20,000 crore in public sector banks in the current financial year to meet regulatory requirements. “For meeting expenditure towards recapitalisation of Public Sector Banks through issue of Government Securities” the government has asked for Parliament’s authorisation of Rs 20,000 crore, as per a document. In 2019-20, the government proposed to …

Mega PSU bank merger marks new dawn for Indian banking space: Finance ministry
4 years, 9 months ago

Mega PSU bank merger marks new dawn for Indian banking space: Finance ministry

Firstpost  

The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the Finance Ministry said on Wednesday New Delhi: The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the Finance Ministry said on Wednesday. …

Seven of top-10 most valued companies add Rs 1.23 lakh crore in m-cap
4 years, 9 months ago

Seven of top-10 most valued companies add Rs 1.23 lakh crore in m-cap

Deccan Chronicle  

New Delhi: Seven of the top 10 most-valued Indian companies together added Rs 1,23,039.72 crore in market valuation last week, led by Infosys and Reliance Industries Limited. The m-cap of Kotak Mahindra Bank climbed Rs 25,741.80 crore to reach Rs 2,67,353.25 crore and that of Hindustan Unilever Limited gained Rs 19,007.13 crore to Rs 4,63,336.65 crore. HDFC Bank's valuation rose …

10 State-owned banks announce share swap ratios for mergers with nearing of March-end deadline
4 years, 10 months ago

10 State-owned banks announce share swap ratios for mergers with nearing of March-end deadline

Firstpost  

The Union Cabinet on Wednesday had okayed the amalgamation of 10 public sector banks to create four large state-owned lenders with effect from 1 April, 2020 New Delhi: With the March-end deadline for the biggest-ever amalgamation scheme is approaching, ten state-owned banks on Thursday announced swap ratios for the proposed mergers. Andhra Bank said, “Further, the board of directors of …

Govt likely to notify merger of 10 PSU banks this week; all lenders to complete amalgamation procedures by April
4 years, 10 months ago

Govt likely to notify merger of 10 PSU banks this week; all lenders to complete amalgamation procedures by April

Firstpost  

The banks will need to follow regulatory formalities to protect the interest of minority shareholders. The government is expected to notify the merger of 10 public sector banks that it had announced last year to create four big banks this week and the merger process may be completed by April, said a news report. Union Bank, Andhra Bank, Corporation Bank …

Union Budget 2020: Finance Minister Nirmala Sitharaman has her task cut out for crisis-ridden banking sector
5 years ago

Union Budget 2020: Finance Minister Nirmala Sitharaman has her task cut out for crisis-ridden banking sector

Firstpost  

Union Finance Minister Nirmala Sitharaman has her tasks cut for the Indian banking sector in the Union Budget 2020. The Budget is an opportunity for the finance minister to address some of the long-pending critical issues, beginning with addressing the massive capital requirement for the banks. Capital infusion Since coming to power in 2014, the Narendra Modi-government has pumped in …

Allahabad Bank shares jump 11% on fresh capital infusion; lender to receive Rs 2,153 cr from govt this financial year
5 years ago

Allahabad Bank shares jump 11% on fresh capital infusion; lender to receive Rs 2,153 cr from govt this financial year

Firstpost  

Allahabad Bank had not featured in the list of banks that were approved a total fresh capital infusion of Rs 55,250 crore, as announced on August 30 by the government. New Delhi: Shares of Allahabad Bank on Friday jumped 11 percent after the company said it will get a fresh capital infusion of Rs 2,153 crore from the government in …

Key policy steps taken by NDA govt this year to revive a sagging economy
5 years ago

Key policy steps taken by NDA govt this year to revive a sagging economy

Business Standard  

There is little doubt that the Indian economy is going through a rough patch, earning the government a great deal of flak. On August 23, she announced an upfront capital infusion of Rs 70,000 crore into public sector banks in a move aimed at generating additional lending capacity and liquidity in the financial system to the extent of Rs 5 …

Post merger of Syndicate Bank, Canara Bank turnover will be Rs 15 lakh crore: Chairman
5 years, 1 month ago

Post merger of Syndicate Bank, Canara Bank turnover will be Rs 15 lakh crore: Chairman

India TV News  

The Canara Bank and the Syndicate Bank, set to be merged as part of the Centre's mega consolidation plan for banks, would become one entity from April next year and their combined turnover will be Rs 15 lakh crore, a top official said on Wednesday. Canara Bank Chairman T N Manoharan said his bank was having a business of Rs.10 …

No job losses post merger of 10 PSBs: Government
5 years, 1 month ago

No job losses post merger of 10 PSBs: Government

India TV News  

The government on Tuesday assured the Rajya Sabha that merger of 10 public sector banks will not lead to any job losses and employees' interest will be protected. During the Question Hour, Minister of State for Finance Anurag Singh Thakur said lending and other banking services to eastern states will be improved after two Kolkata-based banks are merged. "Amalgamating banks …

PSU bank consolidation: PNB, Union Bank get in-principle nod from govt for proposed merger
5 years, 1 month ago

PSU bank consolidation: PNB, Union Bank get in-principle nod from govt for proposed merger

Firstpost  

New Delhi: Punjab National Bank and Union Bank of India on Monday said they have received in-principle approval from the government for their amalgamation with other public sector banks. “Bank has received a letter dated 13 November, 2019 from Department of Financial Services, Ministry of Finance vide which bank has been advised that Alternative Mechanism, has accorded in-principle approval to …

PNB, Union Bank get in-principal nod from government for proposed merger
5 years, 1 month ago

PNB, Union Bank get in-principal nod from government for proposed merger

Hindustan Times  

Punjab National Bank and Union Bank of India on Monday said they have received in-principal approval from the government for their amalgamation with other public sector banks. Punjab National Bank is the transferee bank and Oriental Bank of Commerce and United Bank of India as transferor banks. “Bank has received a letter dated November 13, 2019 from Department of Financial …

Total of 34 functional teams to smoothen bank merger of UBI, PNB, OBC; to come into force on 1 April
5 years, 3 months ago

Total of 34 functional teams to smoothen bank merger of UBI, PNB, OBC; to come into force on 1 April

Firstpost  

The complete harmonisation among the three entities would take another 12 to 14 months after the merger Kolkata: A total of 34 functional teams have been formed to smoothen the process of merger of United Bank of India, Punjab National Bank and Oriental Bank of Commerce, a senior official said. “The functional teams will also try standardising the loan process, …

34 functional teams to smoothen merger of UBI, PNB, OBC
5 years, 3 months ago

34 functional teams to smoothen merger of UBI, PNB, OBC

India TV News  

A total of 34 functional teams have been formed to smoothen the process of merger of United Bank of India, Punjab National Bank and Oriental Bank of Commerce, a senior official said. "Thirty four functional teams have been created to come out with solutions for the process of integration," a UBI official told PTI. "The functional teams will also try …

No concern to asset quality post UBI, OBC merger: PNB CEO
5 years, 3 months ago

No concern to asset quality post UBI, OBC merger: PNB CEO

India TV News  

The Punjab National Bank, which is the anchor bank for a scheduled merger with the United Bank of India and the Oriental Bank of Commerce, has said that it does not see any erosion in asset quality after the merger and the best HR, process and products will be chosen for the consolidated entity to offer a win-win situation for …

Boards of Corporation Bank, Allahabad Bank give in-principal approval for respective merger plans
5 years, 3 months ago

Boards of Corporation Bank, Allahabad Bank give in-principal approval for respective merger plans

Firstpost  

New Delhi: Corporation Bank on Monday said the board has given its in-principle approval for the merger with Union Bank of India. “The board of directors in its meeting held on 16 September, 2019 has given in-principle approval for the amalgamation of the Corporation Bank into Union Bank of India,” it said in a regulatory filing. Earlier on 9 September, …

Union Bank board okays merger of Andhra, Corporation Bank with itself; clears Rs 17,200-cr capital infusion
5 years, 4 months ago

Union Bank board okays merger of Andhra, Corporation Bank with itself; clears Rs 17,200-cr capital infusion

Firstpost  

Union Bank of India on Monday said its board of directors has approved the merger of Andhra Bank and Corporation Bank with itself and given nod for a capital infusion of Rs 17,200 crore in the current financial year New Delhi: Union Bank of India on Monday said its board of directors has approved the merger of Andhra Bank and …

PNB board approves amalgamation with OBC, United Bank; clears capital infusion of up to Rs 18,000 cr by govt
5 years, 4 months ago

PNB board approves amalgamation with OBC, United Bank; clears capital infusion of up to Rs 18,000 cr by govt

Firstpost  

New Delhi: The board of Punjab National Bank has given in-principle approval for amalgamation of Oriental Bank of Commerce and United Bank of India with PNB. The board meeting held on Thursday followed the finance ministry asking the three banks to consider the proposal of amalgamation, PNB said in a regulatory filing. Besides, the PNB board cleared a capital infusion …

Union Bank of India board meet on 9 September to approve amalgamation of Andhra Bank, Corporation Bank with itself
5 years, 4 months ago

Union Bank of India board meet on 9 September to approve amalgamation of Andhra Bank, Corporation Bank with itself

Firstpost  

New Delhi: State-owned Union Bank of India on Wednesday said its Board will meet on 9 September to approve amalgamation of Andhra Bank and Corporation Bank with itself. Besides, the board would also take up the matter related to capital infusion of Rs 11,700 crore, Union Bank of India said in a regulatory filing. In a separate filing, United Bank …

PSB stocks plunge up to 10.6% post merger announcement
5 years, 4 months ago

PSB stocks plunge up to 10.6% post merger announcement

India TV News  

Public sector bank stocks, led by Canara Bank, Union Bank and Punjab National Bank, tumbled up to 10.6 per cent on Tuesday after the government announced the merger of 10 state-run lenders into four. Shares of Canara Bank dropped 10.59 per cent, Union Bank of India fell 9.08 per cent, Punjab National Bank plunged 8.55 per cent, Oriental Bank of …

PSB mega mergers: PNB to consider Rs 18,000-cr capital infusion in board meeting on 5 September
5 years, 4 months ago

PSB mega mergers: PNB to consider Rs 18,000-cr capital infusion in board meeting on 5 September

Firstpost  

Finance Ministry has decided that PNB, OBC and UBI may consider the amalgamation of OBC and UBI into PNB New Delhi: The Punjab National Bank on Monday said the board will consider capital infusion of up to Rs 18,000 crore in its meeting later this week. “The board shall consider capital infusion up to Rs 18,000 crore in its meeting …

Public sector banks' merger to act as building block for $5 trillion economy target, says Finance Secretary Rajiv Kumar
5 years, 4 months ago

Public sector banks' merger to act as building block for $5 trillion economy target, says Finance Secretary Rajiv Kumar

Firstpost  

The government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders New Delhi: The government’s decision to consolidate 10 public sector banks into four mega state-owned lenders will act as a building block for achieving $5 trillion economy target, Finance Secretary Rajiv Kumar has …

PNB board to meet on 5 September to consider merger with OBC, United Bank
5 years, 4 months ago

PNB board to meet on 5 September to consider merger with OBC, United Bank

Live Mint  

New Delhi: Punjab National Bank on Saturday said its board of directors will meet on 5 September to consider the lender's merger with Oriental Bank of Commerce and United Bank of India. In a BSE filing, Punjab National Bank said "the meeting of board of directors of the bank is scheduled to be held on 5th September, 2019" for considering …

Banks merger reflects govt resolve to address economic slowdown: India Inc
5 years, 4 months ago

Banks merger reflects govt resolve to address economic slowdown: India Inc

India TV News  

The government's move to consolidate public sector banks indicates its resolve to address the slowdown in GDP growth, as the country's economy expanded at its weakest pace in over six years in the April-June quarter of 2019-20, the industry said on Friday. A sharp deceleration in manufacturing output and subdued farm sector activity pulled down India's gross domestic product growth …

Merger can't tackle issues of low capital,higher NPAs:Analysts
5 years, 4 months ago

Merger can't tackle issues of low capital,higher NPAs:Analysts

India TV News  

Even though the mega-merger of 10 public sector banks is a step in the right direction as it will increase operational efficiencies of the merged entities, the key issues of low capital and higher bad loans will continue to plague them, say analysts. Amidst the growing signs of deepening slowdown, finance minister Nirmala Sitharaman Friday announced four new set of …

What will change, what won’t for account holders as 10 PSU banks are merged into 4
5 years, 4 months ago

What will change, what won’t for account holders as 10 PSU banks are merged into 4

Hindustan Times  

Finance Minister Nirmala Sitharaman on Friday announced a slew of PSU bank mergers as part of consolidation efforts and said, “We want banks with strong national presence and enhanced risk appetite.” Finance Minister Nirmala Sitharaman during a media briefing on the Gross Domestic Product Index at the National Media Centre in New Delhi on Friday. The banks mergers announced by …

Mega bank merger announcement: Govt to amalgamate 10 public sector banks into four large entities
5 years, 4 months ago

Mega bank merger announcement: Govt to amalgamate 10 public sector banks into four large entities

Firstpost  

After the bank merger, only 12 PSBs will be left in India from the 27 earlier After the announcement of the foreign direct investment, in a major reform measure, the Central government on Friday amalgamated 10 public sector banks into four entities, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders …

Govt announces sweeping governance reforms for PSU bank boards
5 years, 4 months ago

Govt announces sweeping governance reforms for PSU bank boards

Live Mint  

The government on Friday announced the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank of India to create the second-largest banking network in the country with 11,431 branches. "Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with the business of …

10 public sector banks to be merged into four
5 years, 4 months ago

10 public sector banks to be merged into four

Live Mint  

Finance Minister Nirmala Sitharaman today announced a big consolidation of public sector banks: 10 public sector banks to be merged into four. In place of 27 public sector banks in 2017, now there will be 12 public sector banks after the latest round of consolidation of PSU banks. The government also announced capital infusion totalling over ₹55,000 crore into public …

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