Public Sector Banks Merger: The central government of India has stated on Tuesday that it is not contemplating the merger of public sector banks. Minister of State for Finance Pankaj Chaudhary stated in a written response to a question in the Rajya Sabha that the government has implemented various measures to enhance the financial standing of public sector banks (PSBs).
Minister of State for Finance Pankaj Chaudhary stated in a written response to a question
Chaudhary stated that the government’s reforms in the banking sector have led to systemic changes and put checks and controls in place to minimize the chances of severe stress situations happening again. In response to a question regarding the merger of public sector banks, Chaudhary stated that there is no consideration for this matter.
The merger of public sector banks indicate a positive note
Chaudhary stated that following the merger of public sector banks, the capital adequacy ratio and gross non-performing assets have shown improvement. In August 2019, the government announced four significant mergers of public sector banks. This decreased their overall count from 27 in 2017 to 12, with the goal of transforming public sector banks into entities of global stature.
43,30,121 accounts have been established under the Mahila Samman Savings Certificate Scheme (MSSC)
In a written response to a different inquiry, the Minister of State for Finance stated that as of October 31 this year, 43,30,121 accounts have been established under the Mahila Samman Savings Certificate Scheme (MSSC). This account was initiated on 31.03.2023 solely for women and young girls to commemorate ‘Azadi Ka Amrit Mahotsav’.
The funds placed in this account generate more interest compared to a regular account. The aim of establishing this account was to encourage the financial autonomy of the nation’s women.