Govt announces merger of several public sector banks
New Delhi, Aug 30: In a major development, the government on Friday announced merger of Oriental Bank of Commerce and United Bank with Punjab National Bank.
Also, Syndicate Bank will be merged with Canara Bank, while Andhra Bank and Corporation Bank will merged with Union Bank of India.
Besides, Indian Bank will be merged with Allahabad Bank, making it the seventh largest state-owned bank.
These announcements were made by Finance Minister Nirmala Sitharaman.
Objective of the mergers, she said is to make them global sized banks.
In January this year, the Union Cabinet had approved merger Dena Bank and Vijaya Bank with Bank of Baroda. The merger came in to effect from April 1.
With these mergers, the number of PSBs will come down to 12 from 27 in 2017.
Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with State Bank of India.
These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bharatiya Mahila Bank effective April 2017.
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CPI(M) rebel Kunhikrishnan hopes for 5,000-vote win in Payyanur
Kannur (Kerala) (PTI): CPI(M) rebel candidate V Kunhikrishnan, who contested as a UDF-backed Independent from Payyanur here, on Saturday said he was hoping to win the Assembly election by a margin of 5,000 votes.
Kunhikrishnan was expelled from the CPI(M) earlier this year after raising allegations of corruption in the party’s martyrs’ fund against sitting MLA T I Madhusoodanan.
Speaking to a TV channel, Kunhikrishnan said he had announced his candidature as a mark of protest and not with expectations of victory.
However, he said the situation had changed drastically, with a strong undercurrent within CPI(M) votes favouring him.
"The undercurrent in CPI(M) votes cannot be measured. Now people are giving a response indicating victory with a margin of at least 5,000 votes," he said.
Payyanur is considered a CPI(M) stronghold, and a defeat for Madhusoodanan there would be a major setback for the party.
On political violence in Payyanur, Kunhikrishnan said he had been facing it since filing his nomination.
"The people leading this violence should think about how long they can continue it. It is the police which has to take the initiative to stop this violence as part of maintaining law and order. But the police are not intervening at the required level," he said.
Regarding his political future, Kunhikrishnan said efforts were underway to strengthen Left groups, and discussions were being held across Kerala in that regard.
"After discussing with others, a decision will be taken," he said.
Kunhikrishnan is among six former CPI(M) leaders who either exited the party or were suspended before contesting for the UDF in the April 9 Assembly elections.
Elections to the 140-seat Kerala Assembly were held on April 9, and the counting of votes will be held on May 4.
