Ten Public Sector Banks to be Merged into Four

10 public sector banks to be merged into four

Canara Bank and Syndicate Bank to be merged; Union Bank, Andhra Bank and Corporate Bank to be merged

Punjab National Bank (PNB), Oriental Bank of Commerce (OBC) and United Bank of India to be merged; Indian Bank and Allahabad Bank to be merged

Finance Minister Nirmala Sitharaman today announced a big consolidation of public sector banks: 10 public sector banks to be merged into four. Under the scheme of amalgamation, Indian

INDIA GDP 2019-2020: QUARTER 1

The Central Statistics Office (CSO) released India’s economic growth figures for the April-June quarter of FY20 on Friday. The growth slowed down to 5 per cent in the fiurst quarter of the ongoing fiscal. In the last quarter of fiscal year 2019, the economy grew at 5.8 per cent. The decelaration in private consumption largely contibuted to such a substantial fall in the GDP number.

RBI had projected India’s GDP growth for FY20 at 6.9 per cent, in the range of 5.8-6.6 per cent for the first half and 7.3-7.5 per cent for the second half of FY20. The government has already announced a slew of measures last week to boost demand in the economy.