To removal of some economic concern Finance Minister Nirmala Sitharaman has recently announced six public sectors banks (PSBs) with four good performing anchoring banks. This step has taken by the government to streamline their operation and the size. Public sectors banks in India:- There are 12 public sectors banks (PSBs) in India. The United Bank of India (UBI) and the Oriental Bank of Commerce (OBC) will be merge into Punjab National Bank (PNB). After the merger of these two banks PNB will be the second largest PSU bank after SBI. Another one is Syndicate Bank has been merged with the Canara Bank and Andhra Bank and Corporation bank will be merged with Union Bank of India (UBI) while Allahabad Bank will be merged with the Indian Bank.
Challenges against this step:- The main challenge against this decision of the central government are comes from the employees of these all banks. The employees of these all public and private banks are protesting to the decision of government they wore the black badges to show the protest against it. However the Finance Minister Niramala Sitharaman has told that do not fear of job losses. She also says that not even one employee shall be removal following the amalgamation.
Conclusion:- Finance Minister already said that the government will not mergers the banks after this announcement. The central government has mentioned that the bank will play a big to making India $5 Trillion economy. Therefore it the demand of time that we need to take some solid and effective steps to fast grow of our economy.