CURRENT AFFAIRS

2020

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The scheme for the merger of 10 state-run banks into four lenders will come into force from which date?

A	April 1
B	April 30
C	April 25
D	March 31

Explanation:

Detailed explanation-1: -Download The Economic Times News App to get Daily Market Updates & Live Business News. MUMBAI: The schemes for the merger of ten state-run banks into four lenders are coming into force from April 1, according to the Reserve Bank of India.

Detailed explanation-2: -In August 2019, PM Narendra Modi announced a mega-merger of 10 Public Sector Undertaking (PSU) banks in India into four. The following year, FM Nirmala Sitharaman conveyed the cabinet’s approval of the same.

Detailed explanation-3: -Indian Bank The bank got Rs. 2500 crore worth of capital from the Indian government to complete this merger. On 1st April 2022, the Bank of Baroda (BoB) acquired Vijaya Bank and Dena Bank, bringing the combined employee count to 85, 675 and total branches to 9500+.

Detailed explanation-4: -2) Syndicate Bank will be merged into Canara Bank, which will make it the fourth-largest public sector lender. 3) Indian Bank will be merged with Allahabad Bank.

There is 1 question to complete.