Union Finance Minister Nirmala Sitharaman while addressing a press conference today, August 30, announced a long list of bank mergers.
The complete list of Bank Mergers as announced by the Finance Minister
Indian Bank, Allahabad Bank are to be merged
Union Bank, Andhra Bank, Corporation Bank are to be merged
Canara Bank and Syndicate Bank are to be merged
OBC and United Bank of India to be merged with PNB
1) Board committee of nationalised banks to appraise performance of GM & above.
2) PSBs to recruit Chief Risk Officer from market.
3) Board to decide system of Individual Development Plans for all senior executive positions.#PSBsFor5TrillionEconomy #GovernanceReforms pic.twitter.com/wAcLIC3oLO— NSitharamanOffice (@nsitharamanoffc) August 30, 2019
Other measures to be taken:
1) Board committee of nationalised banks to appraise performance of GM & above.
2) PSBs to recruit Chief Risk Officer from market.
3) Board to decide system of Individual Development Plans for all senior executive positions.
Breakup of capitalisation:
10 PSBs will get a total of Rs 55,250 crore. Here is the breakup:
Punjab National Bank: Rs 16,000 crore.
Union Bank of India: Rs 11,700 crore.
Bank of Baroda: Rs 7,000 crore.
Canara Bank: Rs 6,500 crore.
Indian Bank: Rs 2,500 crore.
Indian Overseas Bank: Rs 3,800 crore.
Central Bank of India: 3,300 crore.
UCO Bank: Rs 2,100 crore.
United Bank of India: Rs 1,600 crore.
Punjab & Sind Bank: Rs 750 crore.
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