new Delhi: Facing criticism on the economic fronts, the Modi government may take some major decisions on Saturday. Actually, Finance Minister Nirmala Sitharaman is going to have a press conference on Saturday afternoon. It is believed that she can make important announcements to bring the economy back on track.
Earlier on August 30, Finance Minister Nirmala Sitharaman on Friday announced reforms in the administration of government banks (PSBs) after Nirmala Sitharaman announced the merger of government banks into four big banks.
Explain that on August 30, the central government has pushed ahead of the reforms and on Friday announced the formation of four banks by combining 10 government banks (PSBs). In this, Oriental Bank of Commerce and United Bank of India will be merged with Punjab National Bank.
Press Conference by Union Finance Minister @nsitharaman to announce important decisions of the government.
2:30 PM, Tomorrow
National Media Center, New Delhi
Watch on PIB's
– PIB India (@PIB_India) September 13, 2019
According to Finance Minister Nirmala Sitharaman, Canara Bank and Syndicate Bank will be merged, while Union Bank of India, Andhra Bank and Corporation Bank will be merged to form a bank. Similarly, a bank will be formed by merging Indian Bank and Allahabad Bank.
The Finance Minister further said that Bank of India and Central Bank of India will remain intact. After this merger process, only 12 public banks will be left in the country, while till now their number was 27.
After this merger, Punjab National Bank will become the second largest government bank in the country, with a total business of Rs 17.5 lakh crore. At the same time, the bank formed by combining Canara Bank and Syndicate Bank will be the fourth largest government bank in the country, with a total turnover of Rs 15.20 lakh crore.