Minister for Finance Nirmala Seetharaman said that the merger of the banks will lead to the proposed 5 trillion economy. Now 10 banks have been merged into 4 banks. This is a sensational decision by the central government before the slow down of economy sets in.
This is to reduce the banking losses the Union Minister says. But the bank branches will come down and the services will be affected.
Financial accountability will increase. Private banks will prosper. This will be of no use to the public in general. There is a sharp drop in the GDP growth. It drops from 5.8 to 5 percent.
Carara bank will be merged with Syndicate bank.
Punjab National Bank, Oriental banks and United Bank come together.
Indian bank and Allahabad bank come together.
Andhra Bank, Corporation Bank and Union Bank of India come together.
Bank of India and central bank remain as there are.
There will be no retrenchment after the merger of Banks
