Minister of State for Finance Pankaj Chaudhary said that the merger of these banks has helped in better coordination. Let us tell you that the central government last merged 10 banks into four in the year 2019.
Bank Merged: The central government is not considering the merger of public sector banks. Minister of State for Finance Pankaj Chaudhary has given this information in the Rajya Sabha. Along with this, he said that the merger of banks has helped in better coordination. Pankaj Chaudhary said that the merger of public sector banks has played an important role in facilitating geographical diversification, entering new markets and expanding the customer base.
He said- Through a wide network of banking outlets, public sector banks now meet the demand of a large customer base in remote areas where financial services were scarce. This not only promotes financial inclusion but also encourages economic development in the region. Let us tell you that the central government last merged 10 banks into four in the year 2019. This became effective from April 1, 2020.
Which bank merged with which
Last time Oriental Bank of Commerce and United Bank of India were merged with Punjab National Bank. At the same time, Andhra Bank and Corporation Bank were merged with Union Bank of India. Apart from this, Syndicate Bank was merged with Canara Bank and Allahabad Bank with Indian Bank. In the year 2019, the government merged Vijaya Bank and Dena Bank with Bank of Baroda. Earlier, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with State Bank of India.
Banks not dependent on government funding
Meanwhile, on Tuesday, the Lok Sabha passed the Banking Laws Amendment Bill 2024. During this, Finance Minister Nirmala Sitharaman said in the House that Indian banks are stable, in good condition today and are benefiting the economy. India should be proud of its banking sector. She said that public sector banks are operating professionally and are not dependent on government funding.
