Bank mergers aimed at economic growth | Highlights from Nirmala Sitharaman's briefing

Finance Minister Nirmala Sitharaman Friday addressed a press conference Friday, wherein she announced the merger of public sector banks. Many of these fugitives we are trying to get back were encouraged during their time, says Sitharaman 04:58 pm: Non-official directors to perform role analogous to independent directors, says Finance Minister 04:57 pm: Bank boards given the flexibility to fix sitting fee of independent directors, says Sitharaman 04:56 pm: Public sector banks enabled to do succession planning, says Sitharaman as she unveils governance reforms in PSBs 04:55 pm: Finance Minister Nirmala Sitharaman announces non-official directors to perform role analogous to independent directors 04:54 pm: Bank boards given the flexibility to fix sitting fee of independent directors, says Sitharaman 04:52 pm: After today's announcement post-consolidation, India will now have 12 Public Sector Banks from 27 Public Sector Banks, says Finance Minister 04:48 pm: We shall continue with 2 banks which will have a national presence - Bank of India with Rs 9.3 Lakh Crores of business size and Central Bank with Rs 4.68 Lakh Crores of business size, says Nirmala Sitharaman 04:42 pm: Big banks enhanced capacity to increase credit, FM Nirmala Sitharaman says in prelude to the announcement of new bank mergers 04:39 pm: Indian Bank merged with Allahabad Bank will be the 7th largest Public Sector Bank with a business of Rs 8.08 lakh crores, says Finance Minister 04:37 pm: Union Bank of India, with Andhra Bank and Corporation Bank shall become the 5th largest public sector bank now, says Sitharaman 04:36 pm: Canara Bank with Syndicate Bank will be the 4th largest Public Sector Bank with business of Rs 15.20 lakh crores, says Nirmala Sitharaman 04:34 pm: Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the 2nd largest public sector bank with a business of Rs 17.95 Lakh Crore, says Sitharaman 04:32 pm: Gains are visible from reforms in PSBs as 14 of them reported a profit in the first quarter of 2019-20, says Finance Minister Sitharaman 04:30 pm: Loans above Rs 250 crores are being strictly monitored by specialised agencies, says Sitharaman 04:27 pm: The market capitalisation is expected to touch 50,000 crores, says Finance Minister Sitharaman 04:25 pm: There is no government interference in commercial decisions of banks, says Nirmala Sitharaman 04:24 pm: Partial credit guarantee scheme for NBFCs executed; Rs 3,300 cr liquidity support given and Rs 30,000 cr in the pipeline, says Sitharaman 04:23 pm: Talking of provisional coverage ration, Sitharaman says the highest in the last 7 years has happened 04:22 pm: Record levels have been reached in loan recovery and Gross Non Performing Assets have come down from 8.65 lakh crores to 7.90 crores, says Finance Minister Sitharaman 04:21 pm: The measures to be announced today will aim to increase credit in the market. The government is also focussed on giving banks a good governance model, says Finance Minister Nirmala Sitharaman 04:20 pm: Foreign branches are rationalised, says Sitharaman 04:18 pm: 3.38 shell companies have been shut down and the 4 NBFCs have found solutions, says Nirmala Sitharaman 04:14 pm: We need to lay a very strong foundation of the banking sector. In the last several years, we have implemented major banking reforms, says Sitharaman 04:12 pm: The first few steps we are talking about are associated with the banking sector, says Sitharaman Among the measures Sitharaman announced last week were a withdrawal of the 'super-rich surcharge' imposed on foreign investors, an infusion of Rs 70,000 in public sector banks, and steps meant to increase demand in the auto sector.