PNB, OBC and United Bank to form second largest public sector bank: Nirmala Sitharaman
Finance Minister of India Nirmala Sitharaman on Friday addressed the media and announced that 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 Rs 17.95 Lakh Crore. Nirmala Sitharaman said, "Specialised agencies have been set up who are monitoring every loan which is over Rs 250 crores." Likewise, she said, that 4 NBFC’s have already found their solutions through the public sector banks. https://twitter.com/ANI/status/1167392602284412928 Sitharaman said, "Canara Bank with (merge) Syndicate Bank, they will be the fourth largest Public Sector Bank with a business of Rs 15.20 lakh crores". "Union Bank of India, with Andhra Bank and Corporation Bank, shall become the fifth largest public sector bank now", added FM. "Indian Bank with (merge) Allahabad Bank, they will be the seventh-largest Public Sector Bank with the business of Rs 8.08 lakh crores", added Nirmala Sitharaman. Also, Nirmala Sitharaman said that we need to put a very strong foundation for the financial sector, we've worked on it for the past several years. Meanwhile, she has announced that 72% of the GDP is credit availability. "To avoid Nirav Modi like situation, bank fraud scams, SWIFT messages are linked to the Core-Banking System", added Nirmala Sitharaman. She also said that retail and MSME loan management systems are also implemented. https://twitter.com/ANI/status/1167396924921483266 Furthermore, she said, "We shall continue with 2 banks which will have 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". "After today's announcement (merger of banks) post consolidation, India will now have 12 Public Sector Banks from 27 Public Sector Banks", added FM. Budget 2019: “Nari Tu Narayani”, says Finance Minister Nirmala Sitharaman in Lok Sabha Nirmala Sitharaman during the Press conference said, that the Gross Non Performing Assets have come down from 8.65 lakh crores to 7.90 lakh crores, and likewise, loan recovery record levels have been reached. She also said, "Fourteen Public Sector Banks in profit earning situation as against two in the FY18". Likewise, she said, "8 PSU banks have launched the REPO linked loans". She said that the government is working on improving credit. Likewise, she added that 14 out of 18 PSBs are yielding profit out of it. -PTC News
