Bank Mergers Current Affairs, GK & News

FinMin allows all Private Banks to Participate in Government Business

The finance ministry has allowed all the private sector banks to participate in business related to government such as small savings schemes and collection of taxes pension payments. Highlights Currently, only some of the big private sectors are allowed to conduct government-related businesses. So, now embargo has been lifted and this move will enhance the ..

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Privatisation of PSBs: Govt to bring Two Amendments

The government will bring about amendments in the two acts in order to facilitate the privatisation of public sector banks (PSBs). Key Facts Amendments will be made in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. These two acts had facilitated for the ..

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Banking Services made Public Utility Services

The Government of India has declared banking industry as public utility service till October 21. The order has been issued under provisions of Industrial Disputes Act. Highlights The banking services have been brought under the Industrial Disputed Act in order to prevent strikes by the employees of banking sector. The order has been passed by ..

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RBI approves Mega Bank Consolidation Plan

The Reserve Bank of India is to implement a merger plan of 10 state-run banks into 4 larger banks from April 1, 2020. The Amalgamation of the banks had been notified by the GoI earlier of March 2020. Amalgamation Plan According to the plan, the United Bank of India and Oriental Bank of Commerce are ..

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Capital First merges with IDFC Bank to create IDFC First Bank

The IDFC Bank has merged completely with the non-banking financial company Capital First on 18th December 2018 into a new entity to be called as IDFC First Bank. The merger between IDFC Bank and Capital First was announced on 13th January 2018. The new bank i.e. IDFC First bank will have a loan asset book ..

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