Union Finance Minister Nirmala Sitharaman announced a major merger of several public sector banks, a week after she announced the plan for boosting economic growth. Nirmala Sitharaman said that 10 public sector banks will be consolidated into 4. This move will bring down the total number of public sector banks from 27 to 12. Merging the banks is said to increase the lending capacity of the banks thereby increasing credit. Nirmala Sitharaman also said that measures will be taken to ensure that no jobs are lost in the merging process.
- 30 Aug 2019