public sector banks
Currently the public sector lender has 2,900 branches across the country with 21,000 employees, including 11,000 officers.
Merger woes: Bank officers associations to meet in Delhi on Sept 5
03 Sep 2019 3:00 PM

All the general secretaries of all banks' officers associations will meet there and finalise the action program to oppose the merger.

The mergers announced on Friday, together with two set consolidations done last year, will reduce the number of public sector banks to 12 from 27 in 2017.
PSB stocks plunge up to 9.3 per cent post merger announcement
03 Sep 2019 1:11 PM

Shares of Corporation Bank tanked 9.28 per cent to Rs 17.10, Punjab National Bank plunged 8.54 per cent to Rs 59.40.

On August 31, PNB said it received a communication from the finance ministry that the government, after having consultation with the Reserve Bank of India, had decided that PNB, OBC and UBI may consider the amalgamation of OBC and UBI into PNB.
PNB board to consider Rs 18,000-crore capital infusion this week
02 Sep 2019 8:12 PM

The board shall consider capital infusion up to Rs 18,000 crore in its meeting scheduled on September 5, 2019, PNB said.

Finance Minister Nirmala Sitharaman
Post merger of banks, job cuts are unlikely: Nirmala Sitharaman
02 Sep 2019 2:17 AM

Unions are ill informed about amalgamation of banks: Nirmala

Markets would also await PMI data for the manufacturing and services sectors which would influence trading sentiment, analysts said. (Photo: File)
Macro data, global factors key for markets in holiday-shortened week ahead: Experts
01 Sep 2019 6:16 PM

Investors would also monitor other key factors such as movement of rupee, crude oil and investment trend by overseas investors.

FM Nirmala Sitharaman on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized banks. (Photo: File)
There will not be single job loss due to merger of banks: FM
01 Sep 2019 4:56 PM

I have very clearly underlined the fact that there shall not be one employee removed, said Finance Minister Nirmala Sitharaman.

The government announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
Banks merger reflects govt resolve to address economic slowdown: India Inc
31 Aug 2019 11:09 AM

Manufacturing output and subdued farm sector activity pulled down India's GDP growth to 5 pc in April-June quarter.

Union Finance Minister Nirmala Sitharaman. (Photo: ANI)
Andhra Bank, 5 PSBs to merge with Big 4
31 Aug 2019 1:23 AM

While PNB will become the second-largest PSB after SBI, Canara Bank will be 4th largest.

Experience shows amalgamation of public sector banks have taken over six months to complete, with the management of the merging banks stopping fresh sanctions during the process. For instance, the three-way merger of Dena Bank and Vijaya Bank with Bank of Baroda, announced in September 2018, became effective only in April this year. The credit book of Dena Bank de-grew during this period.
Consolidation may choke fresh loans
31 Aug 2019 1:23 AM

However, given the merged banks are on similar technology platform, the integration should be smoother: Agarwal.

Union Finance Minister Nirmala Sitharaman.
Target $5tn economy, Finance Minister announces mega PSU bank mergers
30 Aug 2019 4:56 PM

Non-performing assets have also been brought down from Rs 8.65 lakh crore to Rs 7.9 lakh crore.


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