"The amalgamated entity will have a net NPA ratio at 5.71 per cent, which is significantly better than PSB average of 12.13 per cent, and declining further", the government said.
India introduced a new insolvency process in 2016 to speed up debt recoveries and restructurings, and in February 2017 approved the merger of State Bank of India (SBI) with its five subsidiary banks, helping the country's largest lender by assets cut expenses. "When you make a merger, you want to make merged entity stronger". "The merger will help improve operational efficiency and customer services".
He added,"No employee will face any service conditions which are adverse in nature". The government had initiated numerous reforms over the last four years, especially with respect to banking and to ensure clean lending process, he said.
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In a separate statement. the government said: "Leveraging of networks, low-priced deposits and subsidiaries of the three banks has the potential of yielding significant synergies for positioning the consolidated entity for substantial rise in customer base, market reach, operational efficiency, wider bouquet of products and services, and improved access for customers". Vijaya Bank now has 15,874 employees, and Dena Bank 13,440.
According to Rajiv Kumar, secretary, Department of Financial Services, the boards of all the three banks had already been advised by the government to consider the proposal, which will be taken soon. Before, 2008, the total amount of bank lending stood at Rs 18 lakh crore, he said. He also said there was a procedure to be followed with regard to the announcement. The best of the service conditions will apply to all of them, he said. What also needs to be seen is whether the merger will be effective in wiping out the mountain of bad loans that now weighs down the performance of nearly all public sector banks.
The government owns majority stakes in 21 banks, which account for more than two-thirds of banking assets in the Asia's third-biggest economy, but these PSBs also account for the lion's share of bad loans plaguing the sector and need crores of rupees in new capital in the next two years to meet global Basel III capital norms.
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"The Alternative Mechanism took the view that aspirations of the fastest growing economy have to be supported by stronger and globally competitive banks with increased choices to the stakeholders". "The UPA had swept the NPAs under the carpet, he said".
"It was only after 2015 that the real picture was known and the government and the RBI started taking concrete steps".
The government is keen to take steps so that history isn't repeated as far as NPAs are concerned.
Seattle Seahawks vs. Chicago Bears Prediction and Preview
The maintenance for Long is the continuation of a trend from training camp, with the Bears taking precautions for his health. Playing at home, it's not necessarily surprising that the Bears are favored over the Seahawks in this one.