Mega bank Merger Plan-Meeting the dead line of April 1 difficult task

Published On: Monday, February 24, 2020 | By: Team KnowMyStock

In last August, the government announced the consolidation of ten public sector banks (PSBs) into four mega state-owned lenders.Chances of the merger becoming a reality beginning next fiscal year seems little unrealistic at the moment, as per a senior public sector bank official. Even after Cabinet approval to the proposed mega merger plan,fixation of share swap ratio, shareholders consent and other regulatory approvals are expected to take at least 30-45 days according to the official. Besides, regulatory nods, the Scheme of Amalgamation has to be laid before Parliament for 30 days for the perusal of the members. and the second-half of the Budget session is scheduled to start only on March 2. Bank unions are also opposing the move saying merger is not a solution to the banking sector problem and slowdown in economy.

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MARKET UPDATE: Sensex rose 135 points to 62761, and the NSE Nifty50 moved 40 points higher to 18,600

Closing Bell: Sensex down 223 points, Nifty at 18,563

MARKET UPDATE: Sensex surged over 100 points to trade around 62,962 levels, whereas Nifty50 climbed over 30 points to trade above 18,650 levels

MARKET UPDATE: Sensex gained over 50 points to trade around 63,228 levels, whereas Nifty50 traded marginally above 18,700 levels

MARKET UPDATE: Sensex surged over 150 points to trade around 62,988 levels, whereas Nifty50 gained over 50 points to trade above 18,650 levels

MARKET UPDATE: Sensex traded flat at 62,777 levels, whereas Nifty50 was flat above 18,600 levels

Closing Bell: Sensex up 240 points, Nifty at 18593.85

MARKET UPDATE: Sensex rallied over 300 points, whereas Nifty50 gained over 50 points to trade above 18,600 levels

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