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The mega merger of ten public sector undertaking (PSU) banks into four large entities, announced by finance minister Nirmala Sitharaman in August 2019, came into effect from Wednesday. Customers, including depositors of the merging banks, will now be treated as customers of the banks in which they have merged.
Besides amending the Life Insurance Corporation (LIC) Act, the government will need to infuse capital into the PSU giant ahead of its initial public offering (IPO). This is because the corporation’s paid-up capital is only Rs 100 crore, which is not enough for a public flotation.
“Modi’s ‘most extensive’ budget consultation ever, is reserved for crony capitalist friends and the super rich. He has no interest in the views or voices of our farmers, students, youth, women, Govt and PSU employees, small businessmen or middle class tax payers. #SuitBootBudget,” Congress leader Rahul Gandhi tweeted.