BSNL-MTNL merger may be completed in 24 months: Prasad
Business | November 20, 2019 18:42 ISTThe government on Wednesday said the merger of state-owned telecom companies BSNL and MTNL is likely to be completed in 18-24 months.
The government on Wednesday said the merger of state-owned telecom companies BSNL and MTNL is likely to be completed in 18-24 months.
State-run banks including Bank of Maharashtra, Oriental Bank of Commerce, Syndicate Bank and Bank of Baroda have warned their operations may be impacted due to the call of strike as per regulatory filings.
While RIL, HDFC Bank, HDFC and Kotak Mahindra Bank were the other winners, Tata Consultancy Services Ltd (TCS), HUL, Infosys and ITC suffered losses in their market capitalisation (m-cap) for the week ended Friday.
The mega merger of 10 state-run banks is credit positive, as it can increase their operational scale and growth capital, apart from improving their corporate governance over the long term, says a report.
All 52,000 employees of APSRTC will now be treated as government employees in the Public Transport Department. Their retirement age will be increased to 60 years from existing 58 years on par with other government employees.
Last week, the government announced consolidation of 10 public sector banks into four mega state-owned lenders, including merger of Allahabad Bank with Indian Bank.
Brokerage firms on Tuesday said that by and large the consolidation in the banking sector is a positive move, yet it can weigh on the merging entities in the near term. State Bank of India (SBI), Bank of Baroda (BoB) and leading private sector banks would edge the merging banks to be in a stronger position.
State-run banks on the exchanges traded on a weak note during the early trade on Tuesday after the government announced plans to merge 10 public sector banks into four.
Opposing the merger of 10 public sector banks into four, C. H. Venkatachalam, General Secretary of AIBEA, in a statement issued here said in the name of banking reforms the government is enabling banks to help corporates.
Amidst the growing signs of deepening slowdown, finance minister Nirmala Sitharaman Friday announced four new set of mergers of state-run banks-- Punjab National Bank taking over Oriental Bank of Commerce and United Bank of India, creating the nation's second-largest lender; Syndicate Bank merging with Canara Bank; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank; and Indian Bank will merge with Allahabad Bank.
Finance Minister Nirmala Sitharaman, who had last week announced tax sops and measures for sectors such as auto, announced four new set of mergers -- Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the nation's second-largest lender; Canara Bank and Syndicate Bank will merge; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank, and Indian Bank will merge with Allahabad Bank.
The city-headquartered Bandhan Bank said its board of directors had approved merger of India's leading housing finance company, with a focus on the affordable housing segment, into the bank
Bank of Baroda is the transferee bank, while Vijaya Bank and Dena Bank are the transferor banks in the amalgamation process, it added.
In order to quell the situation, the Indian Banks' Association (IBA) had raised its wage hike offer to 8 per cent from 6 per cent a day earlier.
The combination will have all India revenue market share of 32.2 per cent and take the numero uno slot in nine telecom circles, it said adding that both Vodafone and Idea brands will continue.
According to a regulatory filing with Securities and Exchange Commission (SEC), Walmart said the ongoing operations of Flipkart are expected to impact the US company's income negativel
Earlier on Friday, the Aditya Birla group firm said that the new entity born out of the Idea-Vodafone merger is proposed to be named Vodafone Idea.
Shares of Anil Ambani owned Reliance Communications (Rcom) plunged to an all-time low on Tuesday, after the company called off its plan to merge with Aircel Ltd
The process of merger between telecom giant Vodafone and Aditya Birla Group-promoted Idea Cellular is on schedule and is expected to be completed by 2018, Vodafone India CEO and MD Sunil Sood said on Wednesday
The two-member team of Nic Coward, a consultant to FIFA, and Alex Phillips, Head of AFC-UEFA Affairs, is expected to meet the two Maidan heavyweights Mohun Bagan and East Bengal.
Top News
Latest News
