PNB, Oriental Bank of Commerce and United Bank to be Merged: Nirmala Sitharaman

Addressing the media on Friday (today) 30 August, Finance Minister Nirmala Sitharaman announced merging of three PSBs - Punjab National Bank, Oriental Bank of Commerce and United Bank.

Meanwhile, the Reserve Bank of India (RBI) on Thursday released its annual report for the financial year 2018-19, highlighting concern over credit flow from non-banking financial companies (NBFCs) and lack of domestic demand.

Here are some updates from her recent conference with media: Specialized agencies have been set up who are monitoring every loan which is over Rs 250 crores.

NBFCs have found their liquidity solutions through PSBs since last friday with more in pipeline. Indian economy is $2.6 trillion of which $1.9 trillion is credit

4 NBFCs have found their liquidity solutions through PSBs since last Friday with more in pipeline. Indian economy is $2.6 trillion of which $1.9 trillion is credit

Government is focusing on making economy a 5 trillion dollar economy Past announcements made is focused on bank rates, product launches, improving sentiments