BIG NEWS REGARDING THE MERGER OF THESE 4 BANKS, THE GOVERNMENT GAVE CLARIFICATION
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. 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.
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. According to CNBC Awaaz, 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.
In this PDF, the study visit program of the Subordinate Legislation Committee of the Lok Sabha has been mentioned, in which it has been told that in this two-day visit program on Tuesday, January 2, representatives of Union Bank of India and UCO Bank of India will discuss about the Banking Regulation Act 1949 and other Under the relevant Act, there will be a non-formal discussion on the merger of both the banks.
Merger of Bank of Maharashtra and Bank of India
Similarly, it is written in the alleged government PDF that a schedule has been fixed for pre-merger non-formal talks between the representatives of Bank of India and Bank of Maharashtra on Saturday, January 06, 2024. Information has been given in the PDF that the talks between the two banks before the merger will be held under the Banking Regulation Act 1949 and other related acts.
The word merger will be removed
Amidst the news of merger, the Finance Ministry changed the agenda of its meeting. According to the new agenda, there is no mention of the word “Merger”. This simply means that there is no proposal for merger between Union Bank of India and UCO Bank, Bank of India and Bank of Maharashtra.
Surge in share prices
Before closing on Friday, there was a rise in the shares of UCO Bank in the market. This increase was 1.12 percent. With this surge, UCO Bank shares closed at Rs 40.70. Talking about the share price of Union Bank of India, it closed at Rs 128.50 on Friday with a rise of 3.92 percent. Union Bank of India shares had registered a rise of 4.85 percent on Friday.
