AMN / NEW DELHI
Union Cabinet has approved Companies Second Amendment Act Bill 2019. Briefing media, Finance Minister Nirmala Sitharaman last evening said, the priority is to remove criminality under the Act and the Bill will further ease of living for law abiding corporates. She said, 72 changes brought in the Bill will lead to further declogging of the criminal justice system in the country. The Minister said, re-categorisation of 23 offences have been done in the new Bill.
The Cabinet also approved mega consolidation of ten Public Sector Banks into four with effect from 1st of next month. Ms Sitharaman said, Oriental Bank and United Bank of India will be merged into Punjab National Bank. While Indian Bank will be merged with Allahabad Bank. On the other hand, Andhra Bank and Corporation Bank will be merged into Union Bank of India and Syndicate Bank will be merged into Canara Bank.
She said, amalgamation will enable creation of digitally driven consolidated banks with global heft and business synergies. The Minister said, the amalgamation will not effect the core banking system. She said, Government aims to transform Public Sector Bank landscape with consolidation of ten Public Sector Banks into four.