Nirmala Sitharaman press conference: Bank mergers aimed at economic growth, says Finance Minister

Nirmala Sitharaman press conference: Bank mergers aimed at economic growth, says Finance Minister

Based on the Finance Minister's statements earlier this week, speculations are that two major announcements could be made in order to give the industry a leg-up

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Merging PSBs is meant to create strong banks with a global presence.Merging PSBs is meant to create strong banks with a global presence.
BusinessToday.In
  • Aug 30, 2019,
  • Updated Aug 30, 2019 8:25 PM IST

Finance Minister Nirmala Sitharaman is addressing her second press briefing on economic slowdown. Based on the Finance Minister's statements earlier this week, speculations are that two major announcements could be made in order to give the industry a leg-up.

Reports also suggest that a mega consolidation plan for public sector banks could also be announced today. The Ministry of Finance has met chief executives of ten state-run banks, which are seen as top contenders for merger. The government had reportedly consulted the Reserve Bank of India in this regard earlier this year.

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On August 23, FM Sitharaman had announced a slew of measures to nurse the ailing Indian economy to health. The steps included an upfront release of Rs 70,000 crore to public sector banks, measures to remedy the slowdown in auto sector, improve taxes compliance and help MSMEs and India Inc.

Follow BusinessToday.In for regular updates on the FM Nirmala Sitharaman press conference:

Finance Minister Nirmala Sitharaman is addressing her second press briefing on economic slowdown. Based on the Finance Minister's statements earlier this week, speculations are that two major announcements could be made in order to give the industry a leg-up.

Reports also suggest that a mega consolidation plan for public sector banks could also be announced today. The Ministry of Finance has met chief executives of ten state-run banks, which are seen as top contenders for merger. The government had reportedly consulted the Reserve Bank of India in this regard earlier this year.

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On August 23, FM Sitharaman had announced a slew of measures to nurse the ailing Indian economy to health. The steps included an upfront release of Rs 70,000 crore to public sector banks, measures to remedy the slowdown in auto sector, improve taxes compliance and help MSMEs and India Inc.

Follow BusinessToday.In for regular updates on the FM Nirmala Sitharaman press conference:

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