Udayavni Special

No job losses due to merger of public sector banks: Arun Jaitley


Team Udayavani, Jan 4, 2019, 10:24 AM IST

New Delhi: Finance Minister Arun Jaitley on Friday said in Lok Sabha that there would be no loss of jobs due to merger of public sector banks.

Earlier this week, the Cabinet approved merger of Vijaya Bank and Dena Bank with Bank of Baroda.

Jaitley said that there would be no job losses due to merger of the banks and that the move would create a bigger entity like the State Bank of India (SBI).

The cost of lending could also become cheaper, he added.

During the Question Hour, the minister said that out of the 21 public sector banks, 11 are under PAC (Prompt Corrective Action) framework.

PAC is initiated against banks that have high levels of non-performing assets (NPAs).

Replying to a supplementary question, Jaitley said the curve of non-performing assets would go down and that the Insolvency and Bankruptcy Code has helped in bringing back around Rs 3 lakh crore into the system.

Jaitley said that the State Bank of India (SBI) and other public sector banks have been making operational profits. They incurred losses due to provisioning for non-performing assets, he added.

With regard to recapitalisation of Public Sector Banks (PSBs), the minister said that Rs 51,533 crore has been infused into them in the current financial year till December 31

“In the budget estimates of FY 2018-19, Rs 65,000 crore has been allocated for recapitalisation of PSBs and an amount of Rs 51,533 crore has been infused in PSBs till December 31, 2018,” he said.

The minister also said that in recent past, Rs 90,000 crore was allocated in the Union Budget and infused in various PSBs by the government during financial year 2017-18. 

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

BSF opens fire at drone along Indo-Pak border in Punjab’s Amritsar sector

Any person from outside Gandhi family should become next Cong chief, not Rahul Gandhi: Athawale

Maha Terror case: SC says ATS not barred from investigation till NIA took over probe

India-Lanka ties getting stronger and stronger: PM Modi

Yediyurappa asks Nalin Kumar Kateel to not make disparaging remarks against Rahul Gandhi

Karnataka bans celebrity birthday parties at child care homes

Taliban behead woman athlete who was part of Afghan junior women’s national volleyball team

Related Articles More

High oil prices will undermine global recovery, warns India

Markets skid for 2nd day as profit-booking takes hold

Jio gains 6.49 lakh mobile users in Aug; Airtel adds 1.38 lakh

Ola restructures organization to strengthen mobility biz

SEC report questions trading apps after GameStop frenzy

MUST WATCH

Air Layering Method – How It’s Made

News Bulletin 20-10-2021

Mysore Ambaari Bus Trip | Dasara 2021

Elephant Attack at Tibet Camp in Hunsuru

Pady Harvesting Mechine fare hike


Latest Additions

BSF opens fire at drone along Indo-Pak border in Punjab’s Amritsar sector

20 more acquitted in 2013 Muzaffarnagar riot case

Minor girl gang-raped in Kerala, four held

Any person from outside Gandhi family should become next Cong chief, not Rahul Gandhi: Athawale

Maha Terror case: SC says ATS not barred from investigation till NIA took over probe

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.