Bad Bank will seek to provide financial stability in the banking sector. It will hold problem loans for public sector banks which can then be sold on to investors at a reduced price. This will ultimately help clean up the balance sheets of banks.
In the last few months lenders including State Bank of India, Canara Bank and Punjab National Bank (PNB) have raised about Rs 40,000 crore from the market, Financial Services Secretary Debasish Panda told PTI in an interview.
The All India Bank Employees' Association (AIBEA), All India Bank Officers Association (AIBOA) and Bank Employees Federation of India (BEFI) are participating in the strike.
The government on Monday said no decision has been taken to discontinue printing of Rs 2,000 banknotes, and state-owned SBI and Indian Bank are reconfiguring ATMs for Rs 500 and Rs 200 notes.
A public sector bank has restricted circulation of Rs 2,000 notes and has asked senior management to also not stock them in the bank's ATMs.
Budget 2020: There's bad news for taxpayers as Economic Survey 2019-2020 report makes an alarming revelation. According to the Economic Survey, in 2019, taxpayers' total money invested in public Sector Banks (Sarkari banks) by the government has suffered a massive loss.
In August, the government announced a mega plan to merge 10 public sector banks into four with a view to creating fewer and stronger global-sized lenders with robust balance sheets that can be used to boost credit and spur growth.
Kolkata: Public sector bank employee unions have defered their one-day strike, proposed for January 7, while negotiations will continue on Wednesday with the management representatives on wage hike and other issues.Bank unions have deferred the
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