ADD ANI AS A TRUSTED SOURCE
googleads
ANI Logo
Menu
Politics

Merger of PSBs will unlock new potential: Shah

New Delhi [India], Aug 30 (ANI): Union Home Minister Amit Shah on Friday lauded Prime Narendra Modi and Finance Minister Nirmala Sitharaman after the latter announced the merger of 10 Public Sector Banks (PSBs) into four strong lenders with countrywide networks and global reach to boost credit and revive economic growth.

ANI Aug 30, 2019 21:33 IST googleads

Union Home Minister Amit Shah (File photo)

New Delhi [India], Aug 30 (ANI): Union Home Minister Amit Shah on Friday lauded Prime Narendra Modi and Finance Minister Nirmala Sitharaman after the latter announced the merger of 10 Public Sector Banks (PSBs) into four strong lenders with countrywide networks and global reach to boost credit and revive economic growth.
"The merger of PSBs will unlock new potential. Big banks with their national presence and global reach will have larger credit appetite and ability to measure risk. I congratulate PM Narendra Modi and Finance Minister Nirmala Sitharaman for this much-needed step towards strengthening our banking sector," Shah tweeted.
Addressing a press conference earlier in the day, Sitharaman had said: "After this decision, the total number of PSBs will come down to 12 from 24 banks."
Apart from this, the government announced Rs 55,250 crore upfront as capital infusion in the PSBs.
"In 2017, where there were 27 PSBs. There are now only 12 PSBs operating to target the 5 trillion dollar economy," she said.
Sitharaman said the Punjab National Bank, Oriental Bank of Commerce and United Bank will be merged into one entity to make the second-largest PSB with a business of Rs 17.95 lakh crore and 11,437 branches.
Canara Bank and Syndicate Bank will be merged to become fourth-largest PSB with a business of Rs 15.2 lakh crore. Union Bank of India, Andhra Bank and Corporation Bank will become fifth largest PSB while Indian Bank will merge with Allahabad Bank to become seventh-largest PSB with the business of Rs 8.08 lakh crore.
Bank of India and Central Bank of India will continue as individual entities. Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab and Sindh Bank will also continue to operate on their own. (ANI)

Get the App

What to Read Next

Politics

YSRCP files PIL challenging Andhra Pradesh govt’s land policy

YSRCP files PIL challenging Andhra Pradesh govt’s land policy

Former Andhra Pradesh Minister Gudivada Amarnath on Thursday said that the YSR Congress Party (YSRCP) has filed a Public Interest Litigation (PIL) challenging the land policy of the state government, alleging that large extents of valuable public land are being allotted to a few real estate companies at very low prices.

Read More
General News

SC grants bail to separatist Shabir Shah in terror funding case

SC grants bail to separatist Shabir Shah in terror funding case

In 2019, Shah was arrested in a case registered by the National Investigation Agency (NIA) against him and other separatist leaders in 2017. The separatist leader has not been released from judicial custody ever since.

Read More
General News

Dubey submits notice to LS Speaker

Dubey submits notice to LS Speaker

Speaking to reporters, Dubey said that Parliament is not a "canteen" and questioned the conduct during a protest meant to highlight issues faced by the public. He stated that the demonstration was intended to raise concerns about LPG shortages affecting common people and that the government would respond to those issues.

Read More
General News

Dehradun DM holds meeting to review availability of LPG

Dehradun DM holds meeting to review availability of LPG

The District Magistrate instructed that, in accordance with the guidelines of the Government of India, first priority in LPG distribution should be given to domestic consumers so that the general public does not face any inconvenience. He also directed that home delivery of domestic LPG cylinders should be ensured through an OTP-based system

Read More
General News

PM Modi unveils India's energy strategy amid West Asia conflict

PM Modi unveils India's energy strategy amid West Asia conflict

Prime Minister Narendra Modi on Thursday outlined a dual approach to energy security: boosting domestic infrastructure for wider access and promoting self-sufficiency to cut reliance on imports.

Read More
General News

Union Minister Hardeep Singh Puri assures energy supply

Union Minister Hardeep Singh Puri assures energy supply

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, informed the Lok Sabha on Thursday that the country is successfully navigating the major disruption in global energy supplies following the West Asia conflict.

Read More
Politics

Kerala CM Vijayan on upcoming state elections

Kerala CM Vijayan on upcoming state elections

Vijayan said there is no anti-incumbency in the state, adding that the people hold a positive view of the government and its policies and believe only the current administration can take Kerala forward.

Read More
General News

“In 2026 elections, TMC will be uprooted”: Suvendu Adhikari

“In 2026 elections, TMC will be uprooted”: Suvendu Adhikari

BJP MLA and West Bengal Assembly Leader of Opposition Suvendu Adhikari on Thursday expressed confidence that the Trinamool Congress (TMC) would be defeated in the upcoming West Bengal Assembly elections.

Read More
General News

BJP finalises 145 candidates, discusses 160 seats for Bengal poll

BJP finalises 145 candidates, discusses 160 seats for Bengal poll

According to sources, the meeting involved extensive discussions on around 160 Assembly constituencies across the state. During the deliberations, the party is learnt to have finalised candidates for nearly 145 seats, out of 294 assembly seats in the West Bengal Legislative Assembly, marking significant progress in the selection process.

Read More
General News

Accused in Farooq Abdullah firing case sent to 5-day custody

Accused in Farooq Abdullah firing case sent to 5-day custody

Counsel for the accused, Arvind Singh, expressed opposition to the police remand. He stated that a weapon had already been recovered in the matter and that the probe was nearing completion, as eyewitnesses had already been recorded.

Read More
Home About Us Our Products Advertise Contact Us Terms & Condition Privacy Policy

Copyright © aninews.in | All Rights Reserved.