ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Dalal Street Corner: Market ends flat even as FII selling nears exhaustion; what should investors do on Friday?
  • Exclusive: June GST collections estimated at Rs 1.37-1.39 lakh cr, sources tell Zee Business ahead of announcement on 1 July
  • Eknath Shinde sworn in as 30th Chief Minister of Maharashtra, Fadnavis becomes Deputy CM
  • Gold Price Today: Weaker Rupee to hold yellow metal slide domestically, amid strengthening Dollar; analyst suggests strategy
  • Monsoon session of Parliament to begin on July 18; to end on August 12
Read in App
Business News » India News

Govt keen on amalgamation of PSBs to create globally competitive, healthy large banks, says Arun Jaitley

The minister said the non-performing assets (NPAs) or bad loans had initially gone up because of truthful disclosure requirements which ensured that there was no sweeping of bad loans under the carpet

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Govt keen on amalgamation of PSBs to create globally competitive, healthy large banks, says Arun Jaitley
In the first nine months of current fiscal, the amount recovered by state-owned banks stood at Rs 98,493 crore, a 100 per cent growth over the previous year. Reuters

 The government is following the policy of amalgamating public sector banks to create healthy large banks which are globally competitive, Finance Minister Arun Jaitley said Thursday.

He said the NPA situation of PSU banks has improved in the last 2-3 quarters and the NDA government has ended the practice of "phone banking" and has maintained arm's length by not interfering in the functioning of lenders.

"In order to make them (banks) sound, whether it is legislative steps or important steps like creating healthy large banks, which can be globally competitive, the government is also gradually following the policy of amalgamation...," Jaitley said at an Indian Banks' Association (IBA) event. 

The minister said the non-performing assets (NPAs) or bad loans had initially gone up because of truthful disclosure requirements which ensured that there was no sweeping of bad loans under the carpet. 

Moreover, he said the Reserve Bank insisted that banks should provision for all stressed assets so that only sound banks survive. 

"The NPA curve has gone down in the last two-three quarters," he said.

Since 2014-15, PSU banks have recovered Rs 2.87 lakh crore bad loans up till December 2018. 

In the first nine months of current fiscal, the amount recovered by state-owned banks stood at Rs 98,493 crore, a 100 per cent growth over the previous year. 

Watch This Zee Business Video

Asked about the future plans for amalgamation, SBI Chairman Rajnish Kumar said "three are already in the process and April 1 is the date. The success of this merger will determine the future course."

In January, the Cabinet had approved the merger of Vijaya Bank and Dena Bank with Bank of Baroda (BoB). This will make BoB the third largest PSU bank after State Bank of India and Punjab National Bank.

 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Arun Jaitely
Written By: PTI
Updated: Thu, Feb 28, 2019
04:32 pm
New Delhi, PTI
RELATED NEWS
'Satyameva Jayate, the truth shall prevail' - Arun Jaitley tweets after CAG report on Rafale deal 'Satyameva Jayate, the truth shall prevail' - Arun Jaitley tweets after CAG report on Rafale deal
Budget 2019 speech date, time, major expectations: All you need to know Budget 2019 speech date, time, major expectations: All you need to know
Budget 2019: Real Estate sector expects single window clearance, GST cut on under-construction projects Budget 2019: Real Estate sector expects single window clearance, GST cut on under-construction projects
Upper caste quota will not breach 50 per cent SC cap: Arun Jaitley Upper caste quota will not breach 50 per cent SC cap: Arun Jaitley
Budget 2019 expectations: MSMEs want 30 per cent investment allowance from Modi government - Will they get? Budget 2019 expectations: MSMEs want 30 per cent investment allowance from Modi government - Will they get?

LATEST NEWS

GST Council Meeting Outcome: Big boost for Rakesh Jhunjhunwala's stock as sewage treated water gets exemption from GST

Dalal Street Corner: Market ends flat even as FII selling nears exhaustion; what should investors do on Friday?

Retail inflation for industrial workers rises to 6.97% in May

Eknath Shinde sworn in as 30th Chief Minister of Maharashtra, Fadnavis becomes Deputy CM

Toyota India set to unveil Toyota Hyryder tomorrow, Check details here

Indian and Offshore Gaming Sites Are in the Same Boat, Experts Remind

HDFC NIMs to be under pressure for a quarter: Parekh

Gold Price Today: Weaker Rupee to hold yellow metal slide domestically, amid strengthening Dollar; analyst suggests strategy

PNB Housing Fin to seek shareholders' nod next month to raise Rs 12,000 crore in debt

Oppo Reno 8 series India launch soon; teaser released - All you need to know

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV