Modi Government’s Big Decision, Merger of 10 Government Banks, Now 12 Government Banks Will Remain

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There is a lot of discussion on the country’s economy these days. The Indian economy is in sluggishness and efforts are also being made to not let this slowness turn into a recession. Meanwhile, the finance minister of the country has made a big announcement. This announcement is related to the merger of big banks. Finance Minister Nirmala Sitharaman has announced the merger of Punjab National Bank, United Bank of India and Orient Bank. After this announcement, PNB will become the second largest bank in the country. After the announcement by Finance Minister Nirmala Sitharaman, 12 government banks have survived in the country. Earlier in 2017, there were 27 banks in the public sector.

What is the Situation:
1-Punjab National Bank, United Bank of India, Oriental Bank of Commerce
2- Canara Bank, Syndicate Bank
3- Allahabad Bank, Indian Bank
4- Union Bank of India, Andhra Bank, Corporation Bank
5- Bank of India
6-Bank of Baroda
7-Bank of Maharashtra
8-Central Bank of India
9- Indian Overseas Bank
10-Punjab and Sindh Bank
11- State Bank of India
12- UCO Bank

After this announcement by Finance Minister Nirmala Sitharaman, Finance Secretary Rajiv Kumar also said that everyone should understand that no employee’s job will go away. He also said that we are changing the state, direction and destination of banking.

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