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Govt keeping close watch on coronavirus impact on Indian economy: FM
Feb-27-2020

Amid fears of new infectious disease spread, the Finance Minister Nirmala Sitharman has said that the government is keeping a close watch on the impact of coronavirus outbreak on the Indian economy and various options are being gauged at various levels.

Sitharman said ‘We are very closely monitoring it. Secretary-level officials are engaging with their respective industries. I had informed you about various options we have including airlifting raw material for some specific sectors, resourcing from other countries.’

On the banking front, the Finance Minister said that there is no uncertainty about bank merger and the process of merger of public sector banks is underway as per the schedule. The government has announced to merge 10 state-run banks to create four big lenders.

Meanwhile, United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB) from April 1 this year. It was also decided to merge Syndicate Bank with Canara Bank, and Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India.

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