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This week will decide India's course against the coronavirus

India's acceleration phase has been worsened by Nizamuddin Markaz hotspot.

Banking

06 April, 2020, 11:46 AM IST

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Union Bank becomes 5th largest PSB post merger with Andhra Bank, Corporation Bank

The amalgamation will also strengthen the bank's footprint in southern India with considerable market share in this region, the Mumbai-headquartered lender said. It is also expected to generate cost and revenue synergies to the tune of Rs 2,500 crore over the next three years.

India reassures banks of capital infusion: Sources

New Delhi may need to make a provision of at least 200-250 billion rupees ($5.90 billion) ...

  • The government has also decided to follow the Bank of Baroda-style branding where all the merging bank logos will be displayed for higher customer recall. For example, Indian Bank which is the anchor bank for its merger with Allahabad Bank will retain the name. Its new brand identity will carry the logo of both the banks, chief executive Padmaja Chunduru said.

    The merger of PNB with OBC and UBI has created the country's second largest state-owned bank with Rs 7.7 lakh crore advances. OBC chief executive Mukesh Kumar Jain, who is now in PNB will be retiring in July. UBI chief executive Ashok Kumar Pradhan will be retiring at the end of May from PNB.

    State-owned Punjab National bank on Wednesday said all nation-wide branches of United Bank of India and Oriental Bank of Commerce has started functioning as PNB branches.

    The merger is part of the government's mega consolidation plan to amalgamate 10 state-run banks to create four global-sized lenders, beginning next financial year.

    Digital Lenders’ Association of India, the representative body for 81 such lenders, has made a representation to the Reserve Bank of India (RBI).

    On a year-on-year basis, non-food bank credit growth decelerated to 7.3 per cent in February 2020 from 13.2% in February 2019, according to the latest data on sectoral flow of credit released by the Reserve Bank of India on Tuesday. Only retail loan growth accelerated marginally to 17.0% in February 2020 from 16.7 per cent in February 2019.

    "It's an honour to have been given this opportunity. I'd urge all of us to make the most of it and help the government in this gargantuan effort that it is making to ensure minimum disruption to our life," Aditya Puri, its Managing Director said.

    With Indian banks now showing signs of weak financial health, urgent steps are needed to prepare a roadmap for sustainable reforms, Vinod Rai, former Comptroller and Auditor General of India, said in a paper.

    Punjab National Bank (PNB) has unveiled a new logo as it merges United Bank of India and OBC with it, with effect from April 1. The new logo will bear distinct signages of all the three public sector lenders.

    Many banks have reduced their repo linked lending rates following the Reserve Bank of India's (RBI) recent decision to cut repo rate by 75 basis points. BoM further said it will also reduce its marginal cost of funds based lending rates (MCLR) across all tenors up to 25 basis points from April 7.

    Non-bank lenders, concerned about the ‘discretion’ banks would enjoy on demanding repayments through a three-month grace period, plan to approach the finance ministry and the Reserve Bank of India (RBI).

    The merger process of Indian Bank and Allahabad Bank could face a slight delay in the wake of the 21-day nationwide lockdown, an official of the Kolkata-based lender said on Saturday.

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