Banks To Be Allowed To Hire Chief Risk Officers: Nirmala Sitharaman

The government announced the merger of Punjab National Bank, Oriental Bank and United Bank of India. SLBC is a consultative and co-ordination body of all financial institutions operating in each state.

The merger of Union Bank of India with Andhra Bank and Corporation Bank will create the fifth largest bank, with Rs 14.5 lakh crore business. Moreover, this decision comes in the backdrop of the BJP trying hard to make inroads into the State. "This finding provides an additional rationale for recent mergers of banks, both amongst PSBs and PVBs (Private Banks) and suggests that further avenues of consolidation in the banking sphere may be explored", RBI said in its report. It will have the second-largest branch network in India, with 11,437 branches.

After the amalgamation, only 12 PSBs will be left in India from the 27 earlier.

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Announcing measures to strengthen the banking system, she said, "We need to lay a strong foundation for finance sector by strengthening the banks and giving them a good governance module".

Last year, the government had merged Dena Bank and Vijaya Bank with Bank of Baroda, creating the third-largest bank by loans in the country.

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"The mergers would help in better management of capital", she said while announcing the merger proposal as a part of a package of reforms for the economy. She also added that the government will clear all GST refunding within a few days. For instance, there will be no cross-bank ATM usage fees between the merged banks.

Punjab National Bank, Oriental Bank of Commerce and United Bank - The merger of these three banks into one single entity will be the second-largest public sector bank with Rs 18 lakh crore.

The government also announced the merger of Canara and Syndicate Banks which will be fourth largest PSB with 15.2 Lakh Crore rupees of business.

Professionally managed banks Sitharaman also promised to ensure that these merged banks will be run professionally while shedding some of bureaucratic pains that have dogged public sector institutions.

Canara Bank and Syndicate Bank to be merged. The government plans to do such to limit the number of state-run banks to 5-6 in the country, the report added.

  • Darren Santiago