Government clarifies regarding merger of Four Banks, Check new document released by Govt

Big news is coming regarding the merger of four banks. The names of these four banks are Union Bank, UCO Bank, Bank of India and Bank of Maharashtra. According to reports, merger of Union Bank and UCO Bank is taking place, while there are reports of merger of Bank of India and Bank of Maharashtra. However, no official information has been given by the government regarding this merger, nor is there any information in the exchange.

What government said?

On this viral news, the Finance Ministry has said that this is a parliamentary committee on subordinate legislation, this committee has no connection whatsoever with the policies of bank merger. It was also said by the Finance Ministry that this is information about the leave of the Parliamentary Committee.

How this news spread?

The whole news of bank merger started after an alleged government PDF surfaced. This PDF has been issued in the name of Ramesh Yadav, Under Secretary of the Government of India, who is the Governor of Reserve Bank of India, Chairman of LIC, Chairman of IRDAI, Chairman of NABARD, MD and CEO of UCO Bank, MD and CEO of Bank of Maharashtra. It has been issued regarding many senior officials including MD and CEO of Bank of India and MD and CEO of Union Bank.

Old PDF issued by Government

This document is correct but it is also true that apart from Union Bank and UCO Bank, the Finance Ministry has not considered any proposal regarding the merger between Bank of India and Bank of Maharashtra. According to sources, no bank merger is going to happen right now.

New PDF issued by Government

Government has now released a new PDF from which the word merger has been deleted to avoid any confusion.