Federal Finance Minister Nirmala Sitharaman has said that consolidation of public sector banks will take effect on April 2.
In August last year, the central government announced the integration of four public sector banks into four banks. Deadline for attachment was given until April 1, 2020. With the announcement of consolidation in the weeks leading up to April 1, there was doubt about whether the merger would take place. In its current state, In Bank connection Some bank officials have recently said that this is unlikely. Sitharaman said the banks will be consolidated as per the plan.
NRI Investment in Air India: Foreign Indians (NRIs) are allowed 100% investment in Air India. So far, only 49 percent of foreign nationals have been allowed to own shares. At the moment, 100% of the shares have been approved. The central government is trying to sell a public sector company, Air India, in a loss. As part of that, NRIs are now allowed to invest 100 percent.