INSUBCONTINENT EXCLUSIVE:
there would be no loss of jobs due to merger of public sector banks
Earlier this week, Cabinet approved merger of Vijaya Bank and Dena Bank with Bank of Baroda
Mr Jaitley said that there would be no job losses due to merger of banks and that move would create a bigger entity like State Bank of India
The cost of lending could also become cheaper, he added
During Question Hour, minister said that out of 21 public sector banks, 11 are under PCA (Prompt Corrective Action) framework.PCA is
initiated against banks that have high levels of non-performing assets (NPAs)
Replying to a supplementary question, Mr Jaitley said curve of non-performing assets would go down and that Insolvency and Bankruptcy Code
have been making operational profits
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 Union Budget and infused in various PSBs by government during
