Modi govt's mega bank merger

Punjab National Bank to be merged with Oriental Bank and United Bank

HIGHLIGHTS

1. OBC, United Bank of India merged into PNB
2. Syndicated Bank merged into Canara Bank
3. No. of public sector banks reduced from 27 to 12

 


Nirmala Sitharaman says the merger of PNB with OBC and United Bank will make it the second-largest PSB with Rs 18 lakh crore business and second-largest branch network in India
Continuing the Modi government's mega bank merger push for structural reforms in the banking sector, Union Finance Minister Nirmala Sitharaman on Friday said the government would merge Punjab National Bank with Oriental Bank and United  Bank. This has been done after the successful merger of three public sector banks - Bank of Baroda, Vijaya Bank and Dena Bank - earlier this year.
n second set of major policy announcements to address economic concerns, the Union Finance Minister Nirmala Sitharaman announced to merge six public sector banks with four better performing anchor banks. This came as a mega banking realignment by the Narendra Modi government in order to streamline their operation and size.

The Oriental Bank of Commerce (OBC) and the United Bank of India (UBI) has been merged into the Punjab National Bank (PNB). The PNB will now be the second largest PSU bank after the State Bank of India, which earlier saw a similar consolidation with all assocites merging with it.
The Syndicate Bank has been merged with the Canara Bank while the Andhra Bank and Corporation Bank will merged with Union Bank of India.






The Allahabad Bank will merge into the Indian Bank. This will make it the seventh largest state-owned bank in India. With this annoucement of merger of banks, the total number of PSU banks will come down to 12. Before 2017, when the governemnt rolled out bank-merger plan, the number of public sector banks in India was 27.

WHY WERE THESE BANKS MERGED?

Explaining the rationale behind these mergers, Nirmala Sitharaman said these decisions were taken with the objective making them "global-sized banks". Nirmala Sitharaman said the merger will also help in consolidating strong national presence and global reach of these banks.
These mergers come months after the Modi government announced merger of Dena bank and the Vijaya Bank with the Bank of Baroda. This merger came into effect on April 1 this year.
Prior to this, the government had merged five associate banks of the State Bank of India and Bharatiya Mahila Bank with State Bank of India. These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bharatiya Mahila Bank effective April 2017.

NEW PICTURE OF PSU BANKS

1) The after the Oriental Bank of Commerce and United Bank are merged into the Punjab National Bank, it will become India's second largest bank. (SBI remains India's largest bank). Once these three banks are merged it will create a bank with a business of Rs 17.95 lakh crore and have 11,437 branches.

2) Once the Syndicate bank is merged into the Canara Bank, the resultant bank will become India's fourth largest public sector bank with Rs 15.20 lakh crore business.

3) Union Bank, Andhra Bank, Corporation Bank to merge to become India's fifth largest public sector bank with Rs 14.59 lakh crore business.

4) The 12 public sector banks that India will have after today's decision are: State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India, Central Bank of India, Canara Bank, Union Bank of India, Indian Overseas Bank, Punjab and Sind Bank, Indian Bank, UCO Bank and Bank of Maharashtra.

read more about:-Is it Banks Merger in India good for Indian Economy?

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Biggest scam of 2019

Biggest scam of 2019

The 73-year-old Congress leader and former Union minister Palaniappan Chidambaram is facing the toughest turning point of his career. The lawyer-turned-politician has been slapped with money laundering and corruption charges in the INX Media case and is in the CBI custody following the Delhi High Court's refusal to grant him anticipatory bail on Tuesday.

 Media case 

In May 2017, the Central Bureau of Investigation registered an FIR for alleged discrepancy in the Foreign Investment Promotion Board's (FIPB) clearance given to the INX group in 2007. Chidambaram was Finance Minister at that time.

The Financial Intelligence Unit  under the Finance Ministry had raised queries over foreign direct investment of over Rs 305 crore made by three Mauritius-based companies in INX Media Pvt Ltd, then owned by Peter Mukherjea and his wife Indrani Mukerjea.

The case was forwarded by Mumbai IT Department to the Enforcement Directorate (ED), which also registered a case against the media organisation in 2010. INX Media in turn engaged Chidambaram's son Karti -- the promoter-director of Chess Management Service (P) Ltd, to resolve the issue, by influencing various departments of FIPB.

The rise of Chidambaram 

Chidambaram, who has a degree in law and an MBA from Harvard Business School, joined the Congress in 1984 and contested and won Lok Sabha elections from Sivaganga around the same time. He had been associated with several ministries including that of commerce and industry, mostly as junior minister till mid-1990s. In 1996, Chidambaram leave the Congress for a brief period to join Tamil Maanila Congress -- a breakaway faction of the state Congress unit.

He made his mark as Finance Minister in 1997 when he presented the "dream Budget" under then Prime Minister Deve Gowda, who was leading a fragile United Front government at that time.

Despite being part of a weak coalition government, Chidambaram introduced bold reforms including drastic reduction of personal and corporate tax rates in the 1997 Budget. Soon after, he rejoined the Congress.

His striking rise in politics started only in 2004. He was given the important portfolio of finance in the Manmohan Singh-led UPA government. As Finance Minister, he had to deal with the Left parties, which provided outside support to the government and many of his proposals, aimed at expanding private sector participation to boost growth of the Indian economy, did not see the light of day.

However, he played an important role in introducing the Value Added Tax (VAT) while notifying in the Fiscal Responsibility and Budget Management Act (FRBMA). However, he is remembered most for designing and implementing the Rs 70,000 crore farm debt waiver scheme, which many believe, went a long way in the helping the UPA retain power in the subsequent 2009 Lok Sabha elections.

While economists and policy makers criticised this move, he managed to impress the top echelon of the Congress party. In November 2008, Chidambaram already touted as an achiever by his party men—was entrusted with home ministry.

Controversies 

Chidambaram was caught in the middle of a controversy when news reports suggested that he had manipulated the voting process to win the 2009 Lok Sabha election from Sivaganga. AIADMK candidate Raja Kannappan was declared elected by over 3,500 votes initially on May 16, 2009 but within hours Chidambaram's fate turned, and he was declared elected by 3,354 votes.

As Home Minister, he had a tougher job at hand. His tenure was laced with criticism, especially on issues relating to security. In 2011, when he was in charge of the Home Ministry, three co-ordinated bomb explosions ripped Mumbai killing many. These blasts took place barely three years after the horrific terror attacks in two of Mumbai's premier hotels.

Not just that, Chidambaram was seen by many -- including those from his own party -- as a man who was arrogant, head-strong and he often remained incommunicado. He had also been assaulted by a Sikh journalist in April 2009 for giving a "clean chit" to Jagdish Tytler.

In August 2012 Chidambaram was removed from the Home Ministry, and he once again resumed charge as Finance Minister. He is also often blamed for forcing the public sector banks to expand their credit portfolio in a reckless manner—something that has led to the alarming rise in the non performing asset levels in the government banks.

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Trendy Technology

Trendy Technology

5G | Low Cost Network | Low Power Network

 University of Waterloo have developed a cheaper and more efficient method for Internet-of-Things (IoT) devices to receive high-speed wireless connectivity.
With 75 billion Internet of Things (IoT) devices expected to be in place by 2025, there would be a growing strain on requirement of wireless networks. Contemporary WiFi and cellular networks won't be enough to support the influx of IoT devices, researchers highlighted in their new study.

Millimeter wave  that offers multi-gigahertz  that allocated to today's WiFi and cellular networks. In fact, 5G networks would be powered by MillimeterWave technology. However, the hardware required to use Millimeter Wave is expensive and power-hungry, which are significant deterrents to it being deployed in many IoT applications.

"To address the existing challenges in exploiting Millimeter wave  for IoT applications we created a novel Millimeter wave  network ,mmX significantly reduces cost and power consumption of an Millimeter wave  network enabling its use in all IoT applications."
In comparison to WiFi and Bluetooth, which are slow for many  applications, Millimeter Wave X provides much higher bit rate.

"MillimeterWave X will not only improve our WiFi and wireless experience, as we will receive much faster internet connectivity for all IoT devices, but it can also be used in applications, such as, virtual reality, data centers and wireless  networks. Any sensor you have in your home, which traditionally used WiFi and lower frequency can now communicate using high-speed millimeter wave networks.
"Autonomous cars are  going to use a huge number which will be connected through wire; now you can make all of them wireless and more reliable."

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Internet sensation Ranu Mondal

Internet sensation Ranu Mondal

Ranu Mondal, who  went viral when a video of her singing the  Lata Mangeshkar song, 'Ek pyaar ka naagma' started trending online, has received a home as a gift from Salman Khan.

Now reports have come forward that Salman Khan has gifted a house to Ranu worth Rs 55 lakh.it was a kind sign from the actor’s side because like everyone , he was also impressed by her  voice. . "

Internet sensation Ranu Mondal recently sang for Himesh Reshammiya and even recorded a song in his studio for his next film.The song titled Teri Meri Kahaani will be used in Himesh's upcoming film. Himesh shared a video of Ranu recording the song on his Instagram account.

He had made the video, "Recorded teri meri kahani my new song with the very talented Ranu Mondal who has a magical voice."All your dreams  come true if we have the courage them, a positive attitude can really make dreams come true, thanks for all your love and support. Himesh Reshammiya just recorded a song with Ranu Mondal . Internet is flooded with praises for the singer.

Ranu Mondal  became a star  after a video of her singing the famous  song, 'Ek pyaar ka naagma', in her magical voice at the Ranaghat station in West Bengal Ranu Mondal  became a star. She is now a Bollywood Playback singer.

The credit of her journey from a railway station to a recording studio goes to Himesh Reshammiya.

 when he shared a video of Ranu Mondal recording a song in a studio in his presence for his next film The actor, singer,  director, composer and producer  made headlines . He shared the clip on his official Instagram.

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Mann ki baat by PM Narinder Modi

My dear countrymen, Namaskar. On the one hand, these days, every corner of the country is celebrating festivals and fairs. And this will go on till Diwali. Perhaps our ancestors intricately wove the annual seasonal cycle, the economy cycle and social & life systems in a way that ensured, that under no circumstances, dullness crept into society. We celebrated  a few festivals in the days gone by. Yesterday, Krishna  Janma Mahotsav, the festival of the birth of Lord Krishna was celebrated in India. Can anyone even imagine the greatness of his personality, that, even after thousands of years, the festival comes along with renewed novelty, a new inspiration with fresh energy. And  although millennia ago, yet it is relevant in providing solutions to problems as well as inspiration . Everyone can find solutions to the problems from Shri Krishna’s life.

without being affected by the huge might that he possessed, there were times when he would absorb himself in performing the RAAS; at other times he would be in the centre of cows and cowherds; sometimes  yield  in sports & games; often playing the flute. A personality  overflow with various talents and immense capability, yet devoted to empowering society and people, a face that express develop accomplishments, a repository, a savior of people. What qualities should the virtue of friendship possess? Who can forget the incident of Sudama? And on the battlefield? without being affected by his a lot facets of greatness, assuming the role of a charioteer! Or running task such as lifting a hillock, or at other times picking up leftover leaf plates. that’s why today, as I talk with you, my attention is drawn towards two Mohans. One is the Sudarshan Chakra carriaging Mohan and the other is the Charkha carriaging Mohan.

The Sudarshan Chakra carriaging Mohan left the banks of the Yamuna for the sea beach of Gujarat, establishing himself in the city of Dwarika, while the Mohan born on the sea beach reached the banks of the Yamuna, respire his last in Delhi. Sudarshan Chakra carriaging Mohan, thousands of years ago, had amply used his wisdom, his sense of duty, his might, his worldview to avert war, to prevent conflict, a sign of the times then. And spinning-wheel carriaging Mohan too chose a similar path, for the sake of Freedom, for preserving human values, for strengthening the basic elements of personality & character- for this he give a certain hue to the Freedom struggle that left the whole world amazed, which it still remains today. The importance of knowledge, amidst the trials and tribulations of life, we can learn all these from Lord Krishna’s life’s . 

Today, as we discuss festivities are under way for a mega festival in India. Not just in India, it is a part of the  in the whole world. My dear countrymen, I’m mention to the 150th birth anniversary of Mahatma Gandhi. On the 2nd of October, 1869, at the seaside of Porbandar,  in that small house, not just a person; an era was born, that charted the course of human history on an altogether new path, with trail blazing accomplishments on the way. One attribute has always been part of Mahatma Gandhi’s being – and that was his sense of service and the sense of duty towards it. If you view his life, you will notice that he served communities in South Africa that were bearing the burden of narrowness – in those times, it was, by no means a small feat. He distribute farmers in Champaran who were being distinguish against. He served millworkers who were being underpaid. He served the poor, the penniless, the weak and the hungry.   In order to dispel them, he closely served people suffering from leprosy. He presented  examples through the service in his own life. He set examples for others to learn- not through words, but through activity. Gandhiji shared an bond with truth; he shared a  unique bond with the spirit of service. Whoever, needed him, Gandhiji was present to serve. He highlight not only on the spirit of service, but also on the inner happiness .

My dear countrymen, I will be waiting for your participation on 29th August in 'Fit India Movement', in ‘Poshan Abhiyaan’ during the month of September and especially in the 'Swachhata Abhiyan'  from the 11th of September to the 2nd of October. And 2nd October as a day has been totally dedicated to clearance from plastic. All of us with all our  must try to remove of plastics from our home and everywhere outside our houses. all these campaigns will make a big story on social media. Come, let us proceed with a new passion, new determine and renewed strength.

My dear countrymen, this episode of ‘Mann Ki Baat’ has in store for you today. I will wait for your say and your suggestions. Come, let us all march together to make the India which was dreamt of by our freedom fighters and  Gandhi's dreams - 'Swantah: Sukhayah'. Let us proceed, enjoying our inner bliss, expressing our soul of service.

Many many Thanks.

Namaskar

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Will Triple Talaq bill convenience the Muslim women ?

‘Triple Talaq' is the term used to signify the methodology of divorce in Islam.
Finally, triple talaq bill has passed the first hurdle of Lok Sabha. With huge numerical superiority in the lower house of the Parliament, it was a foregone conclusion that the BJP will be able to get the bill passed without a hitch. It should also pass the Rajya Sabha hurdle as well, given the fact that the numbers in the upper house of Parliament also favor the saffron camp. The BJP claims it wants to ensure justice for the Muslim women in the country. Triple Talaq bill will convenience the Muslim women . Nonetheless, the whole idea of criminalizing triple talaq, despite the fact that the country’s apex court had struck down the tradition, seems rather very strange. With the Supreme Court making triple talaq illegal, there was actually no need to bring the bill, criminalize something that cannot be done and try to take credit for improving the lot of the Indian Muslim women. revoke the article 370 play important roal to improve the conditions of  kashmiri Muslim women.

Illegalize something that didn’t take place

The BJP that has used the issue of instant triple talaq deftly for making political gains, has simply gone too far in its zest to make the entire Muslim community look obscurantist and backward. Many among Muslims are looking at the latest bill as a tool to divide the Muslim community. Others claim that the bill was unnecessary as it criminalizes an act that cannot be committed due to it being illegal. Since the Supreme Court has set aside triple talaq, it no longer dissolves the marriage, and thus, causes no harm at all. It no more threatens the security and well-being of society. He goes on to add
that the triple talaq shouldn’t be criminalized as there was no need to do so. “Inconsequential triple talaq, thus, should not be criminalised. The fundamental principle of good legislation is the art of conducting men to the maximum of happiness, and to the minimum of distress. A principal source of errors and injustice in prescription are false ideas of its utility. The Lok Sabha debates clearly demonstrated that government has unrealistic hopes from this bill.

Is BJP really the liberator of Muslim women?

The saffron party has been gloating over the fact that it has been able to bring the law criminalizing triple talaq and pass it from Lok Sabha. The Union Law Minister has said that the government wants to improve the lot of the Muslim women in the country. Does the party really want to improve the condition of the Muslim woman by sending the husband, usually the lone bread winner in a household to the jail for three years? There is no denying that the instant triple talaq destroyed
the lives of a few Muslim women who actually suffered from it, but this was taken care of by the Supreme Court verdict making the practice null and void. If the sole bread winner of the family goes to jail for committing a crime that cannot really take place, who will look after the wife and children. The woman, following the apex court verdict will remain his wife despite him pronouncing triple talaq. If the BJP was really eager to see the Indian Muslim women develop, as the Union Law Minister so grandly claimed, his government should have passed legislation providing special provision of reservation for the Muslim women in job and education. By ensuring that the sole bread winner of the family goes to jail, the BJP government at the center has hurt the Muslim woman and BJP is  liberator of muslim women , whose interests it claims it wanted to safeguard.
If you want to read more about this topic visit: Wikipedia

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why should important to revoke the article 370

The Modi government recently revoked the contentious Article 370, which provided a special status to J&K and divided the state into two UTs -- J&K and Ladakh. Meanwhile, after eight days of curfew in the state, the Army has said the peace was prevalent in the Kashmir valley. However, the restrictions have been relaxed in some parts in the wake of Eid on Monday.

Prime Minister Narendra Modi, in his first address to the nation after remove of Article 370, assured that control in Jammu and Kashmir would be relaxed season.   Article 370 was being used as a tool to spread terrorism  and that it was time for all Indians to work together to make Jammu and Kashmir a brutality- free state and  remove corruption in the state. For better education revoke of article 370 is important.Industrial development in Jammu & Kashmir would improve employment, which would make life better in the  state.

boost investment, revoke the article 370

Scrapping of article 370 ,  will certainly help create three necessary conditions for investment – stability, market access and predictable laws in Jammu and Kashmir.   Economic growth cannot happen in a closed environment. Broad - minds and open markets will ensure that the youth of the region will put it on the path of greater growth. concatenation  gives a boost to investment, innovation and incomes.thats why revoke the article 370 to boost  the investment in jammu & kashmir.

The government believes that the change in Jammu & Kashmir’s status will encourage private sector investment in the new Union territory.Till now, government sources say, provisions of Articles 370 and 35 A have prevented business houses from purchasing land and hiring skilled manpower in the state.

The change in administrative status, the government believes, will have a positive impact on the ease of doing business as it would give industry ownership of establishments and will encourage hiring.

These decisions will allow any individual or businesses that operate as per the laws of Union of India, to freely operate, under the same rules of business, in the union territories of J&K and Ladakh.

Healthcare is crippled in Jammu and Kashmir as no private hospital could be set up due to Articles 370, 35A."

Keeping the development in J&K in mind, an investor’s summit has been planned in J&K in October, in which major industrial groups are expected to participate and unveil concrete ideas for investment in sectors including hospitality, pharmaceuticals, agro-processing and healthcare.

Education, revoke the article 370

 The Modi government Held special provisions responsible for the denial of the right to education and reservation for minorities.The Healing Kashmir organisation, through its “Young Minds” initiative, was able to create a new paradigm in addressing the mental health problems of school students by integrating trained locals into the implementation of the programme. The revoke of article 370 is important for better education system in jammu & kashmir.

  The programme used a combination of guided physical exercise routines at the start of the day and free association writing before the school day ends. Free association writing enables students to freely express themselves and release all their thoughts without the fear of being scrutinised. The physical exercise routine was tailored to combat the effects of stressors in Kashmir on the body. In conflict zones, the lack of safety and perpetual fear for one’s life leads the body to pump adrenaline into the system as a natural response to the fight or flight response tendencies.

This adrenaline haze coupled with the constant fear experienced by victims of conflict makes the body a storehouse for stress. Physical exercise accompanied with instructions fostering self-awareness of the mind and its relationship with the body helped address some of the aforementioned effects of conflict.

 the opening of top educational institutes like IIT, IIM, AIIMs, people of the state would not only get better educational opportunities, they would also get a better workforce environment.

connectivity across J-K, revoke the article 370

After the revoke the article 370 Kashmir's special status is departed, people from any place in India be able to buy property and everlasting settle in the state. This will help develop an ecosystem which will give better recompense, to the skills, hard work and products of the people in the region. Revoke the article 370 is important for connectivity across jammu & Kashmir  for  developement . 

 Economic growth cannot take place in a closed environment. broad-minded and open markets will ensure that the teenage of the region will put it on the path of greater advancement.

led government at the Centre had accelerated several road, airport and rail line projects in the state, which would ultimately help in ease of doing business in the state. Better connectedness, better linkages and better speculation will help products of the region reach over  the country and the world, leading to a virtuous cycle of growth and welfare to the common man.

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