Updated By: LatestGKGS Desk
Finance Minister Nirmala Sitharaman Announces Mega-Merger of 10 Public Sector Banks
Finance Minister Nirmala Sitharaman Announces Mega-Merger of 10 Public Sector Banks: Details, Aim, Reason
Union Finance Minister Nirmala Sitharaman on 30th August 2019, announces the mega-merger of 10 big public sector banks (PSBs) into 4 mega banks.
The merger of these 10 public sector banks (PSBs) will help India make a USD 5 Trillion Economy.
The Government would infuse Rs 55,250 Crore of capital in these 10 big banks for their credit growth and regulatory compliance to boost the economy.
The merger of banks will help in enhancing capacity to increase credit, Banks with a strong national presence and international reach, Reduction in lending cost, Next Generation technology for the banking sector and Improved ability to raise market resources.
FM Nirmala Sitharaman also clears that there would not be any manpower retention and vacancies will remain open as usual.
Merger of Banks Includes
Punjab National Bank, Oriental Bank of Commerce, United Bank of India will be merged as one
Canara Bank & Syndicate Bank
Union Bank of India, Andhra Bank, and Corporation Bank
Indian Bank & Allahabad Bank
