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"PM MODI INJECTED HISTORIC REFORM TO BETTER GOVERN BANKS, MERGED 27 PUBLIC SECTOR BANKS INTO 12 HUGE PROFITABLE BANKS & PREVENTS FUTURE LOOT OF BANKS BY CORRUPT."
 
 
PRIYADARSHINI SIDDHARTHA REDDY
CHAIRMAN
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  PM MODI INJECTED HISTORIC REFORM TO BETTER GOVERN BANKS, MERGED 27 PUBLIC SECTOR BANKS INTO 12 HUGE PROFITABLE BANKS & PREVENTS FUTURE LOOT OF BANKS BY CORRUPT.  
 
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MODI INJECTED HISTORIC “BANKS GOVERN REFORM”
MODI HISTORIC BANKS REFORMS WILL PROFIT BANKS
MODI MERGED 27 GOV BANKS TO CREATE 12 BIG BANKS
Sample 1
MODI BANK REFORM WILL PREVENT LOOT OF BANKS

 By: PRIYADARSHINI SIDDHARTHA REDDY
 
 CHAIRMAN BOARD OF EDITORS
 politicsparty.com
 sidredbuzz@gmail.com
 12 September 2019
 

PM MODI DID HISTORIC BANK REFORM

PM MODI MERGED 27 BANKS TO CREATE 12 BIG BANKS


The Prime Minister Narendra Modi Government on Friday 30 August 2019 announced the mega-merger of the Government owned Public Sector Banks.

Prime Minister Narendra Modi has taken the Historic Decision to REFORM the Public Sector Banks in India with MEGA MERGER of Banks to create BIG BANKS.


HOW DOES BANK MERGER EFFECT YOUR ACCOUNT?


What does the Prime Minister Narendra Modi Decision to Merge the Public Sector banks into 12 Banks, mean for your savings account, fixed deposits and loans?

There is No Need to be worried. The actual merger process will take about one year probably by August 2020. The Bank Branches may be merged, especially if they are on the same street and in the same locality.

However, when the Bank Merger happens you will be allocated a new IFSC Code. Your account number is likely to also be changed. So find out from your Bank the New IFSC Code, after the Bank Merger.

The Bank Interest Rates negotiated for loans and fixed deposits will remain the same. In case the loans have been given on floating rates they were anyway subject to possible change. 

The Bank Savings rates may change to align with the rate offered by the Bank with which your bank is being merged. 

The papers connected with your loan or FD with the bank will simply be transferred to the new Bank. Everything else will remain the same.

After Bank Merger You must be ALERT to the Under Listed Matters:

Bank IFSC Code: Each bank and each Bank Branch has its unique IFSC code. If your Bank or Branch is merged this will change. So be sure to get to know what the new IFSC Code  is after the Merger of the Bank.

Bank Account Number: Your account number may be changed if the Bank Branch is being merged. So Find out the New Account Number allotted to your Previous Account, after the Bank Merger.

BANK Credit-Debit Cards & Cheque books: New Credit & Debit cards and New Cheque books will be issued after the Banks are merged, especially if the Bank Branches are also merged.

Your Standing Instructions to Bank on EMI payments, interest receivables, card payments and bill payments:  

You must again reinstruct the Bank about your standing instructions on the Interest payments or receivables, card payments and bill payments from your account or else the new system may show a blank as far instructions from you are required. 

Bank Lockers: Banks are supposed to contact you about lockers being shifted with advisories that you take our belongings. In case they are unable to contact you or you are unable to comply with their requests in time, they are supposed to move your locker with the belongings under police escort. 

We advise You to play safe and take out your belongings before the locker is shifted to the new premises


MODI MERGES BANKS TO REDUCE FROM 27 TO 12


Prime Minister Narendra Modi merged the 10 Government Owned Public Sector Banks across India into 4 Big Banks. 

The Prime Minister Narendra Modi move comes two years after the Government gave an in-principle approval for the Bank Mergers in August, 2017.

Prime Minister Narendra Modi Government Stated that, the Indian Banks will become bigger, by getting smaller in Number.

Prime Minister Narendra Modi Government Stated that, the number of Public Sector Banks (PSBs) will now be reduced to 12 from 18. 

Prime Minister Narendra Modi Government Stated that, the Banks Mergers  decision is the final banking consolidation drive and the government will re-open the merger book only if the need persists much later.

Prime Minister Narendra Modi Government Stated that, Until recently, only six of the 18 PSBs were profitable, but as on June, that number jumped to 14. The remaining four banks are still under the RBI's Prompt Corrective Action

The Prime Minister Narendra Modi Banks Merger Decision comes just a year after the Government implemented the Pilot Decision of Bank Merger, merging three banks - Bank of Baroda, Vijaya Bank and Dena Bank. 

The successful integration and synergies seen from this merger emboldened the Prime Minister Narendra Modi Government to rollout what is perhaps the biggest consolidation drive in Indian banking history. 

Prime Minister Narendra Modi Government Stated that, the Punjab National Bank, the Oriental Bank of Commerce and United Bank will merge together to emerge as the second largest Bank.

Prime Minister Narendra Modi Government Stated that, two Banks with a predominant presence in South India, namely the Canara Bank and the Syndicate Bank, will evolve into a single Bank entity, which will also be the country's third largest Bank.

Prime Minister Narendra Modi Government Stated that, the Union Bank of India, the Andhra Bank and the Corporation Bank will merge to emerge as the fifth largest Bank.

Prime Minister Narendra Modi Government Stated that, the Indian Bank and the Allahabad Bank, which will come together to be the seventh largest PSB. 

Prime Minister Narendra Modi Government Stated that, revealed the thought process behind the mergers.

Prime Minister Narendra Modi Government Stated that, the Bank Mergers was not announced simply for the sake of merging, but after duly considering the Financial Synergies the banks will acquire after the Merger of the Banks to increase their Sixe and Volume.

Prime Minister Narendra Modi Government Stated that,  the First Factor to merge the Banks was to enable the Banks to have the common technology platforms together, to avoid disruption of the services to the customers. 

Prime Minister Narendra Modi Government Stated that, the other Factors are CASA (Current and Savings Account Ratio), regional presence and cultural practices. 

Prime Minister Narendra Modi Government Stated that, the Banks will have to get approvals from their respective Boards for the merger. 

Prime Minister Narendra Modi Government Stated that, subsequently, approvals from regulatory bodies including RBI, Sebi will also be sought after which the merger process will begin.

Prime Minister Narendra Modi Government Stated that, there is No Time Deadline for the Merger of the Banks but it will be completed by Next year namely 2020.

Prime Minister Narendra Modi Government Stated that, the last week's announcement of the front loading of the Rs 70,000 crore capital infusion into the Banks has already been set in motion.

Prime Minister Narendra Modi Government Stated that, PNB will get approximately Rs 16,000 crore, Union Bank will receive Rs 11,500 crore, Bank of Baroda Rs 7,000 crore, Canara Bank Rs 6,500 crore, United Bank Rs 11,700 crore, Uco Bank Rs 2,100 crore, Indian Overseas Bank Rs 3,000 crore.

MODI GOV ANNOUNCE BANK GOVERNANCE REFORMS

Prime Minister Narendra Modi Government Stated announced that, significant Governance reforms will be implemented in the Public Sector Banks.

Prime Minister Narendra Modi Government Stated that, the Bank Reforms are: appointing chief risk officers at each bank at market-linked compensation to ensure that risk assessment while sanctioning loans is followed thoroughly. Such a move will help prevent the NPA rot from repeating. 

Prime Minister Narendra Modi Government Stated that, the gross NPAs of PSBs reduced from Rs 8.65 lakh crore in December, 2018 to Rs 7.9 lakh crore, while loan recoveries rose from Rs 78,000 crore in FY18 to Rs 1,21 lakh crore in FY19

FINISHLINE


Prime Minister Narendra Modi did the Historic Decision on 30 August 2019, to Reform the Bank Sector in India, by deciding to Merge the Public Sector Banks to reduce the Number of Banks from 27 to 12 and Announced the Banks Governance Reforms.

 
 By: PRIYADARSHINI SIDDHARTHA REDDY
 
 CHAIRMAN BOARD OF EDITORS
 sidredbuzz@gmail.com
 politicsparty.com
 
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