New Delhi: Finance Minister Nirmala Sitharaman said on Wednesday that the government is vigilant about the effects of the corona virus on the domestic economy and is closely monitoring it. The minister also said that the proposed merger process of public sector banks is proceeding as per the schedule.
The government has decided to form four big banks by combining 10 public sector banks. Sitharaman said that the government is closely monitoring the effects of corona virus on the economy. Corona virus disease has killed more than 2,700 people and infected at least 80,000 people in China, the world’s second largest economy. Several airlines, including Indian airlines, have canceled some of their flights to China due to the outbreak of the virus.
Regarding the merger of the banks, the Finance Minister said that there is no uncertainty about the bank merger and the processes are proceeding according to the deadline. In August last year, the government decided to merge 10 public sector banks into four banks. United Bank of India and Oriental Bank of Commerce will merge with Punjab National Bank. After this merger, PNB will be the second largest bank from April 1 this year. Apart from this, Syndicate Bank will be merged with Canara Bank and Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank will merge with Union Bank of India.
