Tuesday, October 4, 2022

Merger of Banks: Exciting News! In Parliament, the government stated that there will be no more mergers of public sector banks

The Minister of State for Finance stated that there are no plans to consolidate the banks at this time. The privatization of two public sector banks has already been announced in the current fiscal year’s budget. View detailed news.

New Delhi: Minister of State for Finance Nirmala Sitharaman has stated that the government has no plans to merge public sector banks at this time. There has also been no proposal made in this regard. In Budget 2021, it was already announced that two banks would be privatised.

In the first budget, the announcement was made.

Finance Minister Nirmala Sitharaman announced the privatisation of two banks and a government insurance company when she presented the budget on February 1, 2021. For the current fiscal year, 2021-22, the government has set a target of Rs 1.75 lakh crore for disinvestment and privatisation. Let us inform you that the NITI Aayog has been tasked for privatisation selection. The Indian Overseas Bank and the Central Bank of India have been chosen for privatisation, according to current knowledge. However, it has yet to be officially revealed.

Read More: Malaika Arora‚Äôs boldest look came in front, it will be difficult to handle her beauty

When did banks start merging?

The Modi government implemented a two-phase merger procedure to enhance the condition of public sector banks. In the year 2019, ten public sector banks combined. Six small banks were consolidated into four large banks at this time. At the same time, Punjab National Bank merged with Oriental Bank of Commerce and United Bank of India. Then Indian Bank and Allahabad Bank merged. Canara Bank merged with Syndicate Bank. Union Bank of India merged Andhra Bank and Corporation Bank.

In the first phase of the SBI merger,

Five affiliate banks were merged into the country’s largest public-sector bank, State Bank of India, in the first phase. Apart from that, Bank of Baroda merged Vijaya Bank and Dena Bank. In the country today, there are 12 public sector banks.

Bank earnings during the last five years

The merger’s impact is beginning to be felt. The banks’ profits have risen as a result of this. Despite the Corona outbreak, public sector banks made a profit for the first time in five years in the fiscal year 2020-21. In the previous financial year, 12 banks earned a total of Rs 31817 crore. The problem of poor loans is steadily diminishing, and banks are improving as a result. The total loss of public sector banks in the financial year 2019-20 was 26015 crores. Only the Punjab and Sind Bank and the Central Bank lost money

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img

Most Popular

spot_img

Latest

Good News for Kotak Mahindra Customers Following FD Rate Increase! The bank raised the interest rate on 2-crore FDs; you can view the new...

RBI Repo Rate: To combat the nation's rising inflation, the Reserve Bank is steadily raising the repo rate. In May, June, and August, the...

FD Interest Rate: See who is giving more returns on FD in State Bank, BOB and Bandhan Bank, know full details

Bank of Baroda Vs SBI Vs Bandhan Bank FD Interest Rate: Bank Fixed Deposit (FD) account is considered to be the safest investment in...

Changes From 1st August: These rules will change from 1st August, know these things which directly affect the pocket today

Changes from August 1: The month of July is about to end and August 1 is about to come. Like every month, from the...

Bank Regulations: These steps will show you how to effortlessly remove money from closed bank accounts.

Money Withdrawal from Dormant Account: Bank accounts are deemed inactive if no transactions are made for an extended period of time. You should be...

BoB increases MCLR, BoM decreases: One government bank announced a setback while the other announced good news. The client also questioned what kind of...

BoB increases MCLR, BoM reduces: The banks have been gradually raising interest rates since the RBI changed the repo rate. However, the Bank of...

Most Popular

Subscribe

* indicates required