Bank Merger: The government had merged public sector banks in two phases. The biggest merger took effect from April 1, 2020, in which 10 PSBs were merged into four.
Bank Merger News: There have been reports of merger and privatization of public sector banks (PSBs) for a long time. Now Financial Services Secretary Vivek Joshi has reacted to these news. He said on Friday that he cannot comment on the merger or privatization of banks during the Lok Sabha elections. He said that general elections are going on, it is not appropriate to comment on such issues. Let us tell you that Lok Sabha elections are going on in the country. Four phases of voting have been done in this election but the final result is going to come on June 4.
Merger has happened twice
Earlier, the government had merged public sector banks in two phases. The biggest merger took effect from April 1, 2020, in which 10 PSBs were merged into four. Under this, Oriental Bank of Commerce and United Bank of India were merged into Punjab National Bank, Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India, and Allahabad Bank into Indian Bank. Earlier, Vijaya Bank and Dena Bank were merged into Bank of Baroda on April 1, 2019.
Merger with IDFC First Bank
Meanwhile, the Reserve Bank has approved the appointment of Pradeep Natarajan as whole-time director on the board of directors of private sector IDFC First Bank. IDFC First Bank told the stock market that the Reserve Bank has approved the appointment of Pradeep Natarajan as whole-time director. He has been made the executive director of the bank for three years. The bank said it will take necessary steps to complete the formalities for the appointment of Natarajan as executive director. It said the appointment is subject to the approval of the bank’s shareholders.
