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LIVE: Press Conference by Union Finance Minister Nirmala Sitharaman - GST Station

LIVE: Press Conference by Union Finance Minister Nirmala Sitharaman

    5:19 PM- The Rs 70,000 crore bank recapitalisaiton are yet to go through the assessment from the Public Sector Banks’ boards, said Finance Secretary Rajeev Kumar.

    5:11 PM- To watch the feed of the press conference by Finance Minister Nirmala Sitharaman on August 30, click here.

    5:09 PM- Raitionale of merger: There should not be any disruption to the customers, and hence we are ensuring that the banks which are merging that they operate on the same techonological platform, said Finance Secretary Rajeev Kumar.

    4:49 PM- Boards will be given a mandate for the training of directors, both for induction and specialisation purposes.

    4:48 PM- Longer terms will be given to directors on management committees to ensure continuity.

    4:47 PM- To improve governance, boards will be given flexibility to enhance sitting fees of Non-official directors.

    4:45 PM- PSB boards will be given the flexibility to introduce CGM. The PSBs will have to appoint a Chief Risk Officer, who will be provided market-level compensation.

    4:42 PM- In 2017, where there were 27 PSBs, there are now only 12 PSBs operating to target the $5 trillion economy.

    4:41 PM- To strengthen the regional presence, Indian Overseas Bank, UCO Bank, Bank of Maharashtra, and Punjab and Sind Bank will continue to operate due to their strong regional banks.

    4:40 PM- 88 percent of all PSB business will be with these consolidated banks.

    4:38 PM- Indian Bank, Allahabad Bank will merge to form the 7th largest PSB with a business of Rs 8.08 lakh crore.

    4:37 PM- Union Bank of India, Andhra Bank and Corporation Bank to merge to become the 5th largest PSB with business of Rs 14.59 lakh crore. There will be large cost reduction due to potential network overlap.

    4:35 PM- Canara Bank and Syndicate Bank to be merged, which will be the fourth largest PSB, with a business of Rs 15.20 lakh crore.

    4:34 PM- The bank is to have a total of 11.437 branches. We have kept the RBI guidelines and the Basel norms in mind before going ahead with the merger.

    4:32 PM- PNB, Oriental Bank of Commerce and United Bank to merge to form the second largest PSB with a business of Rs 17.94 lakh crore.

    4:31 PM- Banks with enhanced capacity to increase credit, with a strong presence and global reach is the aim to unlock potential with consolidation.

    4:27 PM- On merger of Bank of Baroda, Dena Bank and Vijaya Bank: CASA growth has been robust.

    4:26 PM- On merger of Bank of Baroda, Dena Bank and Vijaya Bank: No retrenchment of any staff. Best practices were implemented.

    4:25 PM- Enhanced profitability. Of total 18 PSBs, 6 showed profitability in Q4FY19. Now 14 are profitable in Q1FY19.

    4:23 PM- Non-executive chairman should be introduced in all banks, said FM Sitharaman. Record levels of loan recovery has been reached. It has now crossed Rs 1.2 lakh crore. Gross NPAs have come down. The asset quality has improved. They are now at Rs 7.90 lakh crore.

    4:21 PM- Fugitive economic offenders act has been passed, those of whose assets have been confiscated, said FM Sitharaman. Foreign branches are being rationalised. Retail and MSME loan management systems are being implemented. SWIFT based transcations are linked to core banking system to make sure no Nirav Modi like situation is taking place.

    4:20 PM- Early signal warning reading is being implemented for every loan which is over Rs 250 crore. Bank were overexposed to corporate, and now there is a healthy mix. Quality of tier – I capital has been implemented.

    4:18 PM- We need to lay a strong foundation for the financial sector, said FM Sitharaman. 3.38 lakh shell companies have been closed. The resolutions for stressed assets are happening through the IBC. Consortiums of banks which can fund projects are now limited to 7 to 9 banks no matter how big the project it is.

    4:16 PM- Today, as we stand, of the Rs 2.7 trillion we are today, of which Rs 1.9 trillion is the credit availabiltiy, said FM Sitharaman.

    4:15 PM- As a recap, we have previously covered that eight PSB banks have launched their repo-linked products, the time-bound return of loan documents by PSBs, the facilitation tracking of loan application, especially for SMEs are being carried out.

    Source- PIB.

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