INSUBCONTINENT EXCLUSIVE:
Finance Minister Nirmala Sitharaman on Wednesday said the government is keeping a close watch on the impact of the coronavirus outbreak on
The minister also said that the process of merger of public sector banks was underway as per the schedule
The government has announced to merge 10 sector state-run banks to create four bigger lenders
The governemnt is "closely monitoring" the impact of the coronavirus outbreak on the economy, she said
Over 2,700 people have died due to Novel Coronavirus 2019 (COVID-19) while the number of those infected is around 80,000
In the wake of the virus outbreak, whose epicentre is China, many airlines, including Indian carriers, have cancelled some of their overseas
On bank mergers, Sitharaman said there is "no uncertainty about bank merger" and the process is on as per the schedule
Last year in August, the government announced merger of 10 public sector banks into four
United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank, making the proposed entity the second largest
public sector bank (PSB) from April 1 this year
It was also decided to merge Syndicate Bank with Canara Bank, and Allahabad Bank with Indian Bank
Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India
In April 2019, Bank of Baroda, in the first three-way merger exercise, amalgamated Vijaya Bank and Dena Bank with itself
SBI had merged five of its associate banks - State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of
Travancore and State Bank of Hyderabad as well as Bharatiya Mahila Bank with itself effective April 2017.