No job losses due to merger of public sector banks: Arun Jaitley
New Delhi, Jan 4 : 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.
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RSS chief raises concern over illegal immigration, reiterates push for three-child policy
Mathura (UP) (PTI): RSS chief Mohan Bhagwant on Tuesday raised concerns over illegal immigration in India, asking people to keep a close watch to identify intruders and report them to authorities.
He also reiterated his push for a three-child policy, stressing the need for higher birth rates, while also discouraging "forced" religious conversions.
Speaking after inaugurating an ashram here, Bhagwat highlighted the issue of illegal immigration and said, "People need to keep a closer watch to identify foreigners and ensure that they do not receive employment here."
He, however, said that there should be no discrimination against Indian citizens.
Bhagwat's remarks on intruders come at a time when assembly elections are due in multiple states -- including Assam and West Bengal, where the issue of illegal immigrants has garnered a lot of traction of late. The BJP has also been talking about it frequently.
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On family health and population, the Rashtriya Swayamsevak Sangh (RSS) chief said doctors recommend three children for sound family health, as childhood interactions help individuals develop social skills and the ability to adjust within a group.
He said population studies warn that a fertility rate below three poses long-term risks.
"Countries with low birth rates have actively sought to increase their population above three," he said.
Bhagwat urged reconsideration of India's population policy, stressing that while legal measures can be applied, public understanding is crucial first.
A humanitarian approach requires families to aim for three children rather than two, he said, asserting that this is essential for the welfare of society.
Bhagwat also called for an end to forced religious conversions.
"The government may legislate, but society must stop this on its own. Many who converted to other religions are descendants of Hindus and may wish to return. Those willing should be welcomed back," he said.
The RSS chief also cited the "aggressive" nature of countries like the US and China, and hailed India as more accommodating of others' viewpoints.
"The US may come around and say that our economic model is the best, and everyone should follow it. China may say our model is best suited for everyone. However, India's approach is not about imposing on others; it believes everyone's viewpoint is correct. It is about living according to dharma, truth and cultural pride. The world may be aggressive, but our model emphasises ethical conduct, which the global community can learn from," he said.
Bhagwat said he had come to inaugurate the ashram out of "affection", as ashrams play a crucial role in shaping life perspective, promoting pride in one's religion and culture while discouraging aggression.
They are necessary in today's times, he said, pointing out that the term "ashram" is unique to Indian culture, without an equivalent translation in any other language.
"An ashram is first a school where life knowledge is taught. Those who stay disciplined and study here can serve society effectively for decades while nurturing their own character," he said.
Bhagwat highlighted that the ultimate human pursuit is moksha, or liberation. He explained the four types of human endeavours, with the fourth being dharma, which is imparted through ashram education and holds immense importance.
He also compared traditional Indian education with global systems, noting that even Finland's acclaimed education model mirrors the Gurukul-ashram approach.
"Here, real knowledge is gained, not just the ability to fill one's stomach," he said, adding that the ashram system instils perseverance and makes life more meaningful through education.
He asserted that India's ancient cultural values and Sanatan Dharma have relevance in today's "turbulent world", and ashrams will remain central in preparing society to uphold these values.
Madhya Pradesh Chief Minister Mohan Yadav, Uttar Pradesh Deputy Chief Minister Brajesh Pathak and several seers were among those present at the event.
