In a major step to boost the Indian economy, Finance Minister Nirmala Sitharaman today announced a merger of 10 public sector banks into 4 big banks. The total number of Public Sector Banks in the country will now come down to 12 from 24 banks.
Earlier this week, the government had announced a series of measures to boost the economy. In the press meet, Finance Minister said that that government has decided to merge Punjab National Bank, Oriental Bank of Commerce and United Bank; Canara Bank and Syndicate Banks; Union Bank of India, Andhra Bank and Corporation Bank; and Indian Bank and Allahabad Bank.
In a vision to revive economic growth, last week, the Finance Minister had announced a series of measures including the rollback of super-rich tax on foreign and domestic equity investors, exemption of startups from ‘angel tax’, a package to address distress in the auto sector and upfront infusion of Rs 70,000 crore into public sector banks.
More news is awaited.
Watch the press meet live here: