Economy

Govt sets alternative mechanism for consolidation of PSBs

Govt sets alternative mechanism for consolidation of PSBs”

India has set up a panel headed by Finance Minister Arun Jaitley to evaluate proposals for mergers among state-run banks, the government said on Wednesday, taking the long-awaited move a step forward.

"The proposals received from banks for in-principle approval to formulate schemes of amalgamation will be placed before the AM".

The other members of the panel include Railways and Coal Minister Piyush Goyal and Defence Minister Nirmala Sitharaman. "A Report on the proposals cleared by AM will be sent to the Cabinet every three months", it said.

"'The decision to create this 'alternate mechanism" would facilitate consolidation among nationalised banks to create strong and competitive banks, ' the government had then noted in its statement.

"It shall devise its own procedure for appraisal of amalgamation proposals by banks, and be guided overall by the objectives of the Nationalisation Acts {Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980}", the statement said.

The Union Cabinet in August had chose to set up an Alternative Mechanism to fast track consolidation among public sector banks to create strong lenders.

In a stimulus package aimed to boost flagging economic growth, create jobs and increase credit flow, the cabinet last week approved a Rs 2.11 lakh crore recapitalisation plan for state-run banks and massive road infrastructure investment of almost Rs 7 lakh crore over five years.

Last week, the government announced a $32 billion recapitalisation plan for the state lenders over the next two years to help resolve their bad loans and meet higher capital ratios required under Basel III global banking rules. The panel will be serviced by the Department of Financial Services for this objective.

Though it was only in May 2016 that effective action to consolidate state-owned banks struck headlines with six associate banks getting merged into State Bank of India in April 2017.



Like this

Latest


01 November 2017
Top N. Korean defector to testify at US Congress
Also, programs could educate North Koreans on how they should be paid for labor they provide for free when mobilized by the state. And maximum engagement I think should include not only the Kim Jong-un leadership but also North Korean population as well.

01 November 2017
Michigan Supreme Court Justice Joan Larsen confirmed to U.S. 6th Circuit Court
In early October, the Senate Judiciary Committee voted 11-9, along party lines, to advance Larsen's nomination to the full Senate. She'd been on the Supreme Court of MI since Governor Rick Snyder appointed her to fill an open seat in September of 2015.

01 November 2017
Hulk Teams With Rocket Raccoon In Avengers: Infinity War
The issue saw Hulk awaken on the planet Halfworld, a world populated by talking, sentient animals, one of which is Rocket. From there, he'll befriend a mocking mid-sized mammal in Avengers: Infinity War , which arrives on May 4, 2018.

01 November 2017
Man Arrested In Bosnia With Missing Copy Of Dayton Peace Accords
Serbia, also, reportedly lost its original copy, supposedly during the protests which ended Milosevic's rule in October 2000. Pale, a suburb of Sarajevo , served as the Bosnian Serb leadership's headquarters during the 1992-1995 conflict.

01 November 2017
Poly Is Google's Foundation For Building Virtual Worlds
However, an API for developers will be released later to streamline the process of using Poly content in apps. Google has long supported the creation of 3D models through its tools such as Tilt Brush and Blocks.

01 November 2017
All about Assassin's Creed
On November 7, players can pick up the Roman Centurion Pack, and on November 21, there will be the god-themed Horus Pack. It will get HDR support in a patch on November 7th while it now supports 4K resolution on both of these platforms.

01 November 2017
Amazon brings augmented reality feature AR View to Amazon app
Once you open the updated Amazon app, tap the camera icon usually used for scanning barcodes and then select AR View. AR View from Amazon is significantly different from ARKit from Apple or from Google ARCore.

01 November 2017
Caesarstone Ltd (CSTE) EPS Estimated At $0.53
The stock has performed -1.91% over the last seven days, -6.14% over the last thirty, and -7.36% over the last three months. The stock of Caesarstone Ltd (NASDAQ:CSTE) earned "Equal-Weight" rating by Barclays Capital on Thursday, February 11.

01 November 2017
End of feud as DoCoMo gets $1.3bn from Tatas
But the RBI again objected to the transaction, prompting DoCoMo to file a case with the Delhi High Court. The Japanese firm then dragged the Tatas to worldwide arbitration where it won the $1.18 billion award.

01 November 2017
Most Americans think the USA is at its 'lowest point' in history
According to the poll, 51 percent of Americans say they have been inspired to volunteer due to the current state of the nation. How Practical is it to live off of Bitcoin? The poll was conducted from August 2 to August 31 among 3,440 participants.



Recommended