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To facilitate privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year. Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.

Bank of Baroda (BoB) is the first public sector bank to consider work-from-home (WFH) as a permanent policy for a section of its employees. BoB, which recently concluded the integration of Dena Bank and Vijaya Bank with itself, has appointed management consultancy firm McKinsey & Co to help implement a strategy for a post-Covid world.

Finance minister Nirmala Sitharaman on Wednesday said the exercise of consolidation of 10 public sector banks (PSBs) into four is on course and the merger will come into effect from April 1, 2020. The Union Cabinet, she said, has given a go-ahead for the merger proposal and the govt has been in regular touch. There … Continue reading PSB mergers to come into effect from April 1: FM

Finance minister Nirmala Sitharaman rapped state-run banks for lacking consumer connect and said often executives at the branch level could not communicate in the local language or provide details of govt schemes. ​​​The minister’s outbursts at an event to unveil the next phase of PSB reform plan, EASE 3.0, were triggered by customer complaints from … Continue reading Govt banks out of touch with consumers: FM