10 Govt Banks Merge into 4 Banks

The government has wanted to merge banks for a very long time. They however waited because they were afraid of the various Bank Unions. Ever since PM Modi came to power, he has speedened the process of bank merger. Last year, Bank of Baroda and Vijaya Bank with Dena Bank were merged. In 2017, the State Bank of India, its five associate banks and the Bharatiya Mahila Bank all merged into one. State Banks have suffered big losses as many large establishments have defaulted on their loans. In India During 2018-2019 only 4 banks made a profit. Now in 2019-2020 14 banks are making a loss. Finance Minister Nirmala Sitharaman on 30th August 2019 that, ten large public sector banks will be merged into four. Which are the four banks? 1. Indian Bank will be merged with Allahabad Bank. 2. Punjab National Bank will be merged with Oriental Bank of Commerce. 3. Union Bank of India, Andhra Bank and Corporation Bank will merge. 4. Canara Bank and Syndicate Bank will merge. In 2017, there were 27 Public sector banks, now after the merger there will be 12 banks. The government has announced to provide a total of ₹55,000 crore funds to the banks. The government has ordered banks to make sure banking activities goes on smoothly and the process of loans must not be affected. The Government has promised that the staff will not be fired and their salary after the merger will also remain the same. Bank employees fear that after the merger they will be transferred to a different parts of India. The government decided to merge banks, in order to make them stronger. Across the world, international banks have set a standard for growth and quality work. They want India to meet this standard. These banks will be able to provide funds like loan, financial help etc to the entire country.

2 thoughts on “10 Govt Banks Merge into 4 Banks

  1. Hi ish
    Name Gaurav rajpoot deaf . Time of India most newspaper t.v. . You tube channel video. From India sign language watch thank you. Number ??

Leave a Reply

Your email address will not be published. Required fields are marked *