While LIC, which is the majority owner of IDBI Bank, will have to cough up close to Rs 4,500 crore as its share, the government is expected to chip in with a matching contribution, sources told TOI.
CICI Bank Ltd. and Axis Bank Ltd. remain UBS’s most-preferred picks.
“The board shall consider capital infusion up to Rs 18,000 crore in its meeting scheduled on September 5, 2019,” PNB said in a regulatory filing.
Banks have been asked to form a risk management committee, and to combine the nomination and remuneration committees.
The mega merger plan of public sector banks (PSBs) is being seen as the biggest consolidated exercise in the banking space, aimed at making them lenders of global size and scale.
Last week, the government announced consolidation of 10 public sector banks (PSBs) into four mega state-owned lenders.
IL&FS was deemed ‘too big to fail’ by many experts but eventually succumbed to greed and ambition.
Even if the core banking platforms are the same, each would require customisation.
GoI’s forced mega merger of public sector banks could seriously scupper economic recovery.
With the increased business, the market share of the insurer rose to 73.1 per cent at the end of July 2019.
She was replying to a question on the bank employees unions opposing the merger plan on the ground it would lead to loss of jobs.
The Centre's decision to merge Andhra Bank with Union Bank of India and Corporation Bank will snap the emotional link the people of Andhra Pradesh and Telangana had with this 96-year-old bank.
RuPay is the first-of-its-kind domestic debit and credit card payment network of India developed by National Payments Corporation of India (NPCI).