According to sources, the government has formulated its plan for the second round of merger of PSU banks. The government is considering two options for merging four small government banks. To facilitate the merger, changes are being prepared in the Banking Regulation Amendment Act. One option is to merge UCO Bank, Bank of Maharashtra, Punjab & Sind Bank, and Central Bank of India.
The second option involves merging with Union Bank of India, Canara Bank, or Indian Bank according to the banking software.
The government aims to make these changes in the Banking Regulation Amendment Act to facilitate the merger process.
The functioning of UCO Bank, Punjab & Sind Bank, Bank of Maharashtra, and Central Bank has shown improvement in the past few years. This is a developing story.
Let us tell you that the government has a 98.25 per cent stake in Punjab & Sind Bank.
While the government has a 93.08 per cent stake in Central Bank, 86.46 per cent in Bank of Maharashtra and a 95.39 per cent in UCO Bank.
The government had announced the merger of 10 public sector banks into four entities in 2019.
This was part of the government's policy to strengthen public sector banks (PSU Bank Mergers) to strengthen their finances for a strong national presence and global reach.
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