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Nirmala Sitharaman Press Meet Highlights: Finance Minister announces mega merger of 10 state-run banks into 4 banks

FM Nirmala Sitharaman Press Conference Live Updates:Union finance minister announces more steps to accelerate economic growth.

By HT Correspondent | Aug 30, 2019 19:55 IST

Union Finance Minister Nirmala Sitharaman addressed a press conference amid expectations that government would announce more steps to accelerate economic growth.

On Thursday, the union minister held a media briefing where she discussed development schemes for the northeast region besides direct tax and GST.

“We can front-load some public spending by the Centre,” Sitharaman said during the press conference in Guwahati. A week earlier, finance minister had asked the Competition Commission of India to protect Indian businesses and consumers against foreign companies by taking suo motu action against them.

Read highlights here:

05:40 pm IST

GDP in Quarter 1 of 2019-2020 estimated at 35.85 lakh

GDP at Constant (2011-12) prices in quarter 1 of 2019-20 is estimated at 35.85 lakh crore, as against 34.14 lakh crore in quarter 1 of 2018-19, showing a growth rate of 5.0 %. :ANI

05:30 pm IST

‘$5 trillion economy goal will be achieved through reforms, technology, consolidation’: Rajeev Kumar

“The $5 trillion economy goal will be achieved through reforms, financial strength, technology, consolidation and strong governance. Rs 55,250 crore upfront capital for credit growth and regulatory compliance to support economy,” said Finance Secretary Rajeev Kumar.

05:20 pm IST

‘No chance of retrenchment’: Finance Secretary Rajeev Kumar

Finance Secretary Rajeev Kumar said, “In amalgamation process, the number of banks have been brought down to 12 from 27. There has been no retrenchment so far, there is no chance of retrenchment. The benefits of employment and HR will improve, with amalgamation the best combination will be taken up.

05:10 pm IST

‘Bank frauds became common due to Congress’: Nirmala Sitharaman

“I am not going to comment on remarks from Congress because if bank frauds became an assumption for the Indian citizen it is because of the Congress party. Many of these fugitives we are trying to get back were encouraged during their time,” said Finance Minister Nirmala Sitharaman.

04:55 pm IST

‘Staff should be dedicated on branch level to implement consolidation’: FM

“Staff should be dedicated at the branch level to make sure last Friday’s announcements are implemented and this consolidation is smoothly applied,” says Nirmala Sitharaman.

04:49 pm IST

‘We will enhance technology driven banking’: FM

“We will enhance technology driven banking,” says Finance Minister Nirmala Sitharaman.

04:47 pm IST

‘Effectiveness of Non-official Directors to be enhanced’: FM

“We aim to enhance effectiveness of Non-official Directors (NoDs),” says Nirmala Sitharaman on the merger of 10 public sector banks.

04:46 pm IST

‘Board committee system will be strengthened’: FM

“We will strengthen Board committee system,” says Finance Minister Nirmala Sitharaman on mega bank merger.

04:45 pm IST

‘12 PSU banks now, as compared to 27 PSU banks earlier’: FM

“12 PSU banks now, as compared to 27 PSU banks earlier,” says FM Sitharaman.

04:43 pm IST

‘Board committee of nationalised banks to appraise performance of GM and above’: FM

Board committee of nationalised banks to appraise performance of GM and above, says FM. Post consolidation, boards goven flexibility to introduce CGM level as per business needs, she added.

04:42 pm IST

‘Making path clear for $5 trillion economy’: FM

We are making path clear for $5 trillion economy, says Sitharaman.

04:41 pm IST

Bank of India, Central bank will have national presence: FM

“We shall continue with 2 banks which will have national presence - Bank of India with Rs 9.3 Lakh Crores of business size and Central Bank with Rs 4.68 Lakh Crores of business size,” said Finance Minister Nirmala Sitharaman.

04:38 pm IST

‘Indian Bank, Allahabad Bank to be merged’: FM

‘Indian Bank to be merged with Allahabad Bank. This will become the seventh largest bank in India, says FM.

04:37 pm IST

Union Bank, Andhra Bank, Corporation Bank to be merged: FM

Union Bank, Andhra Bank, Corporation Bank to be merged, says Niramala Sitharaman. The finance minister said the mergers would help create next-generation banks. This, she said, would help India become a $ 5 trillion economy in the next five years. 

04:36 pm IST

Canara bank and Syndicate Bank are to be merged: FM

Canara bank and Syndicate Bank are to be merged, said Nirmala Sitharaman. They will be the fourth largest Public Sector Bank with Rs 15.2 Lakh crore business and the third largest branch in India. Synergies, culture and common CBS platform to enable quick realisation of operational gains and enhanced lending capacity, said the finance minister.

04:35 pm IST

FM announces consolidation of PNB, OBC and United Bank

FM announces consolidation of PNB, OBC and United Bank. She said: “Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with the business of Rs 17.95 Lakh crore”.

04:34 pm IST

Gross Non Performing Assets have come down: FM

Gross Non Performing Assets have come down from 8.65 lakh crores to 7.90 lakh crores, says FM.

04:33 pm IST

‘To prevent Nirav Modi-like frauds, SWIFT messages have been linked to core banking system’: FM

“To prevent Nirav Modi like frauds, SWIFT messages have been linked to core banking system,” says FM.

04:31 pm IST

Partial credit guarantee scheme for NBFCs executed: FM

“Partial credit guarantee scheme for NBFCs executed; Rs 3,300 crore liquidity support given and Rs 30,000 crore in pipeline,” says FM Nirmala Sitharaman.

04:30 pm IST

We’ll unlock growth potential through consolidation

“Market capitalisation is expected to reach 51,000 by August 2020. We are going to unlock growth potential through consolidation,” says Nirmala Sitharaman.

04:38 pm IST

‘Consolidation of Bank of Baroda, Vijaya bank, Dena bank brought about wide-ranging benefits’: FM

“Consolidation of Bank of Baroda, Vijaya bank and Dena bank has brought about wide-ranging benefits,” says Nirmala Sitharaman.

04:25 pm IST

‘14 out of 18 public sector banks earning profit’: Nirmala Sitharaman

“This financial year, 14 public sector banks are in a profit earning situation out of 18,” says Nirmala Sitharaman.

04:20 pm IST

‘Focus is on finance sector reform’: FM Sitharaman

Reforms we have brought about include the following- now, cash flows are ring-fenced. Business plans are implemented for balanced asset mix, Fugitive Economic Offenders Act has been passed,” said Nirmala Sitharaman

04:18 pm IST

‘Need to lay strong foundation for financial sector’: FM

“We need to lay a strong foundation for financial sector. We need to bring about banking reforms, as we have done in the previous years,” said Nirmala Sitharaman.

04:15 pm IST

4 NBFCs are reaching out to public sector banks

“After my previous announcement, 4 NBFCs are reaching out to public sector banks to provide the liquidity that they require,” said Nirmala Sitharaman.

04:10 pm IST

FM Nirmala Sitharaman briefs media

Finance Minister Nirmala Sitharaman begins her address to media.

04:00 pm IST

Super-rich tax surcharge on FPIs, announces Nirmala Sitharaman

A week before, Finance Minister Nirmala Sitharaman announced a rollback of enhanced surcharge levied on foreign portfolio investors as part of a slew of measures to boost growth. “In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (no. 2) Act, 2019 on long and short term capital gains arising from transfer of equity shares/units referred to in section 111A and 112A respectively,” Sitharaman told reporters at a briefing on measures for boosting economic growth.

03:45 pm IST

Sitharaman discussed direct tax and GST on Thursday

Sitharaman discussed development schemes for the northeast region besides direct tax and GST.

Subsequently, the Centre has eased FDI rules in digital media and single brand retail, coal-mining and contract manufacturing. The government is expected to come with another set of measures to prop up the real estate sector.

03:35 pm IST

FM, on Thursday, said will front-load public spending to boost growth

Finance Minister Nirmala Sitharaman on Thursday said that more measures to accelerate economic growth are in the pipeline and would be announced in the coming weeks.

“We can front-load some public spending by the government,” the Minister said during a media briefing in Guwahati, where she is as part of her multi-city tour to interact with tax officials, trade and business.

03:26 pm IST

Nirmala Sitharaman to address the media at 4 pm

Union Finance Minister Nirmala Sitharaman to address the media at 4 pm on Friday at National Media Center in New Delhi.

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