• SENSEX
    NIFTY 50
VIDEOS
Finance

Nirmala Sitharman says merger of PSBs as per the schedule; closely monitoring coronavirus impact on economy

Updated : February 26, 2020 07:12 PM IST

Union finance minister Nirmala Sitharman on Wednesday said the government is keeping a close watch on the impact of the coronavirus outbreak on the Indian economy.

The minister also said that the process of merger of public sector banks was underway as per the schedule. The government has announced to merge 10 sector state-run banks to create four bigger lenders. The government is "closely monitoring" the impact of the coronavirus outbreak on the economy, she said.

Over 2,700 people have died due to Novel Coronavirus 2019 (COVID-19) while the number of those infected is around 80,000. In the wake of the virus outbreak, whose epicentre is China, many airlines, including Indian carriers, have cancelled some of their overseas flights.

On bank mergers, Sitharaman said there is "no uncertainty about bank merger" and the process is on as per the schedule.

Last year in August, the government announced the merger of 10 public sector banks into four. United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB) from April 1 this year.

It was also decided to merge Syndicate Bank with Canara Bank and Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India.

In April 2019, Bank of Baroda, in the first three-way merger exercise, amalgamated Vijaya Bank and Dena Bank with itself. SBI had merged five of its associate banks -- State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad as well as Bharatiya Mahila Bank with itself effective April 2017.
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV
Advertisement