Name: Nirmala announces mega PSU Bank mergers in Reforms 2.0
Uploaded: 2019-08-30T20:11:52.0+05:30
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Finance Minister Nirmala Sitharaman announced a series of mega public sector bank mergers to consolidate the banking system and ease the widespread slowdown of the econ

Nirmala announces mega PSU Bank mergers in Reforms 2.0

Finance Minister Nirmala&nbsp;Sitharaman&nbsp;announced a series of mega public sector bank mergers to consolidate&nbsp;the banking system and ease the widespread slowdown of the economy. As a part of the government's&nbsp;Reforms 2.0, Sitharaman&nbsp;said that&nbsp;10 public sector banks will be merged into four entities, post the meeting with PSB chiefs. She announced&nbsp;that&nbsp;Punjab National Bank, Oriental Bank of Commerce and United Bank will be merged to form the second-largest public sector bank with a business of Rs 17.5 lakh crore. Next, she announced the consolidation of Canara&nbsp;Bank and Syndicate Bank that will bring business of ₹15.20 lakh&nbsp;crore. The third merger will be between Union Bank,&nbsp;Andhra Bank and Corporation Bank to build India&rsquo;s fifth-largest public sector bank with&nbsp;₹14.59 lakh&nbsp;crore in business. Also, the Indian Bank will be merged with Allahabad Bank which will create&nbsp;a business of ₹8.08 lakh&nbsp;crore.&nbsp;

Finance Minister Nirmala Sitharaman announced a series of mega public sector bank mergers to consolidate the banking system and ease the widespread slowdown of the economy. As a part of the government's Reforms 2.0, Sitharaman said that 10 public sector banks will be merged into four entities, post the meeting with PSB chiefs. She announced that Punjab National Bank, Oriental Bank of Commerce and United Bank will be merged to form the second-largest public sector bank with a business of Rs 17.5 lakh crore. Next, she announced the consolidation of Canara Bank and Syndicate Bank that will bring business of ₹15.20 lakh crore. The third merger will be between Union Bank, Andhra Bank and Corporation Bank to build India’s fifth-largest public sector bank with ₹14.59 lakh crore in business. Also, the Indian Bank will be merged with Allahabad Bank which will create a business of ₹8.08 lakh crore.

An Economic Advisory Council to the Tamil Nadu Chief Minister would be constituted with leading experts including Nobel laureate Prof Esther Duflo and former

An Economic Advisory Council to the Tamil Nadu Chief Minister would be constituted with leading experts including Nobel laureate Prof Esther Duflo&nbsp;and&nbsp;former RBI Governor Raghuram Rajan Tamil Nadu Governor Banwarilal Purohit said on Monday in his customary address to the Assembly that the Council is to prepare a roadmap for "rapid" and inclusive economic growth of the state.
He said the DMK government will make all out efforts to reverse the economic downfall and usher in a period of rapid economic growth.
Besides Duflo&nbsp;and&nbsp;Rajan, former chief economic advisor to the centre, Arvind Subramanian, development economist Prof Jean Dreze and former union finance secretary S Narayan would be part of the Economic Advisory Council.

China has intensified its crackdown on cryptocurrency shutting down many crypto mining sites and also instructing Alipay and banks not involve crypto ope

China has intensified its crackdown on cryptocurrencies&nbsp;as the country's central&nbsp;bank urged banks and Alipay, the largest mobile payment platform in China with 1.3 billion users to refrain from crypto&nbsp;transactions.
The Chinese authorities recently directed govt-owned power companies to immediately stop power supply to crypto mining. More than 90% of China&rsquo;s bitcoin mining capacity is estimated to be shut down due to this, as per some reports. Many miners had moved to the Sichuan&nbsp;province as it is very rich in hydropower&nbsp;making mining more eco-friendly.&nbsp; Bitcoin&nbsp;prices dropped as this created panic among investors since China&nbsp;hosts&nbsp;around 70% of the world's&nbsp;Bitcoin&nbsp;mining capacity, called the hash rate, which fell to a six-month low.
As some experts pointed out that in a&nbsp;longer term&nbsp;most see the hash rate&nbsp;moving out of China as positive, but in the near term it may have already resulted in inventory sales. Thus putting pressure on Bitcoin's&nbsp;price.

Maruti Suzuki will hike the prices of its cars in the July-September quarter due to an increase in the input costs, the country's largest automobile manufacturer said i

Maruti Suzuki will hike the prices of its cars in the July-September quarter due to an increase in the input costs, the country's largest automobile manufacturer said in a regulatory filing on Monday.&nbsp;
The company, however, did not reveal the quantum of the proposed price hike. This would mark the third increase in car prices for India's largest automaker. Industry has been reeling under high input costs due to the huge rally in commodity prices. Globally steel prices are up from $500/tonne in September to $1500/tonne now adding pressure on margins in a low demand environment for automakers. Meanwhile even the price of plastic has gone up by 60%-80%.&nbsp;

Viacom18 Media and Zee Entertainment are reportedly in initial talks for a merger that could form a media firm with the largest market capitalization in India from

Viacom18 Media&nbsp;and Zee Entertainment are reportedly in initial talks for a merger that could form a media firm with the largest market capitalization in India from the industry.
Viacom18 is a joint venture between TV18 Broadcast Ltd (51%) and US-based ViacomCBS Inc. (49%). TV18 is a unit of Network18 Media and Investments Ltd, majority-owned by Mukesh Ambani&rsquo;s Reliance Industries Ltd (RIL).
Zee Entertainment Enterprises Ltd, founded by Essel Group&rsquo;s Subhash Chandra, is majority-owned by foreign institutional investors, including Investco Oppenheimer Developing Markets Fund and Ofi Global Fund China LLC. Essel Group&rsquo;s equity holding is down to 3.9%.

As SEBI asks for an Independent valuation of the Rs 4000 cr PNB Housing-Carlye deal putting the deal on hold. Veteran investor Samir Arora back

As SEBI&nbsp;asks for an Independent valuation of the Rs 4000 cr PNB&nbsp;Housing-Carlye&nbsp;deal putting the deal on hold. Veteran investor Samir&nbsp;Arora&nbsp;backs the shareholder rights and calls out the concerns in corporate governance in the mega deal.&nbsp; Samir&nbsp;Arora&nbsp;tweeted saying "&nbsp;Control transaction at a discount to market price where the acquirer pays 75% of the amount after 18 months - now that is a deal and shows how PE investors help worsen corporate governance if no oversight." He goes on to make the case for the share valuation to be assessed as Arora&nbsp;says "&nbsp;"A preferential issue of shares and warrants" and a "preferential issue of shares and warrants that also gives controlling interest" are not one and the same thing." PNB&nbsp;Housing-Carlye&nbsp;deal is set to offer shares to&nbsp; the 'acquirer' Carlyle for Rs 390/share vs the current market-price of over Rs 700/share or the share price of Rs 500/share at the time the deal was announced.&nbsp;

Indian banks may soon start leveraging blockchain technology for Letter of Credit (LC), GST invoices and e-way bills. Along with reduced processing time

Blockchain&nbsp;finds more backers in the Indian banks community with leading banks&nbsp;like ICICI, HDFC&nbsp;Bank and SBI&nbsp;along with 12 others have&nbsp; come together to form a company Indian Banks&rsquo; Blockchain Infrastructure Co Pvt Ltd (IBBIC) with each having equal shareholding.&nbsp; The newly formed blockchain&nbsp;company will&nbsp;widen the blockchain application to the processing of Letters of Credit (LCs/LoCs), GST invoices, and e-way bills. Along with reduced processing time and paperwork elimination&nbsp;due to&nbsp;blockchain&nbsp;technology, banks are expected to even prevent frauds like multiple issuances of LCs&nbsp;on a single&nbsp;invoice. This will also be a big boost to medium and small-scale enterprises (MSMEs) as tokenisation would make approvals, disbursements and settlements faster. Operation and disbursements&nbsp;which used to take four to five days, can be done in four hours, as some reports suggest
The project is expected to use Infosys&rsquo; Finacle Connect, a blockchain-based platform that enables digitisation and automation of trade-related finance processes.

Reliance Jio has seen a big pick up in the subscriber numbers adding 7.9 million subscribers in May. This is the largest increase for Jio in the las

Reliance Jio&nbsp;has seen a big pick up in the subscriber&nbsp;numbers adding&nbsp;7.9 million subscribers in May. This is the largest increase for Jio&nbsp;in the last 17 months. The total subscribers are now at&nbsp;423 million. Analysts are attributing this jump due to Reliance's&nbsp;renewed push with it's new bundled 4G feature phone offer (Jiophone) in Mar 2021.&nbsp; Bharti Airtel gained 4.1 million reported subscriber to 352 million and VIdea reported an increase of 1.1 million subscribers to 284 million (vs a 3m monthly average loss over 12 months).&nbsp;

Aadhaar-PAN Linking: Last day to link the Permanent Account Number (PAN) card with the Aadhaar number is June 30.

Last day to link the Permanent Account Number (PAN) card with the&nbsp;Aadhaar number&nbsp;is June 30. Failure to do so will make your PAN inactive and you will also be liable to pay a penalty.&nbsp;
<h3>First one needs to check if their Aadhar&nbsp;and PAN are linked.&nbsp;</h3>
<ul>
<li>Go to&nbsp;<a href="https://eportal.incometax.gov.in/iec/foservices/#/pre-login/link-aadhaar-status">www.incometax.gov.in.</a></li>
<li>Under the Quick Links section option of&nbsp;&lsquo;<a href="https://eportal.incometax.gov.in/iec/foservices/#/pre-login/link-aadhaar-status">Link Aadhaar</a>&rsquo; will be displayed&nbsp;</li>
<li>Click on the Link Aadhaar &lsquo;Know About your Aadhaar PAN linking Status&rsquo; option under &lsquo;Link Aadhaar&rsquo;.</li>
<li>After filing your personal details it will display the current status of linkage.</li>
</ul>
If it confirms the two are linked then there is nothing more to be done, however if they are not linked one can do the same same via the website or via SMS&nbsp;(text message) as well.
<h3>How to link your PAN and Aadhar&nbsp;:</h3>
<ul>
<li>Via Website: Tax payer can just go onto the <a href="https://eportal.incometax.gov.in/iec/foservices/#/pre-login/link-aadhaar-status">income tax website</a>&nbsp;and fill the required details&nbsp;</li>
<li>Via SMS:&nbsp; Linking can be done by sending an SMS from the registered mobile numbers to 567678 or 56161. There is a specified format to send the SMS which is as follows -&nbsp;UIDPAN (12-digit Aadhaar Number) (10-digit PAN)</li>
</ul>
Linking of your PAN and Aadhaar&nbsp;is essential as failure to do so will make your PAN inoperative, which may result in one's inability to perform regular banking operations, redeem mutual funds amongst others.&nbsp;

The much awaited RIL AGM scheduled on June 24 has a lot on the agenda for shareholders including potentially an Aramco representation on the RIL boa

The much awaited RIL&nbsp;AGM&nbsp;scheduled on June 24 has a lot on the agenda for shareholders including potentially an Aramco&nbsp;representation on the RIL&nbsp;board.&nbsp; Reports state that&nbsp;Saudi Aramco&nbsp;Chairman&nbsp;Yasir Al-Rumayyan may be joining the&nbsp;board of&nbsp;Reliance Industries&nbsp;(RIL).&nbsp;Yasir Al-Rumayyan&nbsp;is also the Governor of&nbsp;of the Kingdom&rsquo;s wealth fund &mdash; Public Investment Fund (PIF) that has already&nbsp;picked up minority stake in Reliance Retail and Jio. Mukesh Ambani&nbsp;in 2019 has announced talks for the sale of 20% stake in the oil-to-chemical&nbsp;business to the world&rsquo;s largest oil exporter Aramco. The deal which has been delayed for undisclosed reasons was announced in the 2019 AGM.&nbsp; At the point the O2C biz was valued at $75 billion.&nbsp; &nbsp;

SEBI has ordered the PNB-Housing Carlyle deal to be put on hold as the market regulator SEBI wants an independent valuation of shares to be conducted.&nb

SEBI&nbsp;has ordered the PNB&nbsp;Housing Carlyle deal to be put on hold as the market regulator SEBI&nbsp;wants&nbsp;an independent valuation of shares to be conducted.&nbsp; The Rs 4000 cr deal with Carlyle for the PNB&nbsp;backed mortgage lender involves&nbsp;issuing shares and warrants on a preferential basis to private equity firm&nbsp;Carlyle Group&nbsp;and associates to acquire 50% stake in the company.&nbsp;The price of each share and convertible warrant was set at Rs 390/share The stock of PNB&nbsp;Housing is up over 70% just tin the month of June, trading above the Rs 700/share mark at the time this report was written.&nbsp;
SEBI&nbsp;has stated the resolution about the issue of securities was &ldquo;ultra-vires&rdquo; of the Articles of Association (AoA). The resolution will not be acted upon until the company does the valuation of shares (for preferential allotment) by an independent, registered valuer.PNB HFC in a late night filing with the BSE said the company had acted in compliance with the laws, including pricing regulations prescribed by&nbsp;Sebi&nbsp;and the AoA.
PNB&nbsp;Housing was supposed to hold an extraordinary general meeting of shareholders on June 22 to consider the preferential allotment (shares and warrants).&nbsp;
&nbsp;

India's tech giant, Infosys on Saturday said the company been able to address several technological glitches on the new income tax filing platform and that nearly

India's tech giant,&nbsp;Infosys on Saturday said the company been able to address several technological glitches on the new income tax filing platform and that nearly one lakh income tax returns have been filed through the new portal so far.
Infosys chief operating officer Pravin Rao said the company will work with stakeholders over the next few weeks to resolve all the issues with the new portal. Several technical glitches raised initially in the&nbsp;Infosys' new Income Tax e-filing portal,&nbsp;&nbsp;with many users posting tweets tagging the Finance Minister.&nbsp;Infosys is set to meet with the government on the tax portal issues on June 22.
In 2019, Infosys was awarded a contract to develop the next-generation income tax filing system to reduce processing time for returns from 63 days to one day and expedite refunds.

The Employee Provident Fund Organization (EPFO) has allowed its members who have been unemployed for one month or more to avail non-refundable advance. EPFO through its

The Employee Provident Fund Organization or&nbsp;EPFO&nbsp;has allowed its members who have been unemployed for one month or more to avail non-refundable advance. The EPFO through its official Twitter handle said, the members can avail an advance of up to 75% of the total amount that is available in their Provident Fund or PF accounts. In the midst of the coronavirus pandemic, the organization had earlier in May authorized its members to get a 2nd non-refundable Covid-19 advance.
&nbsp;

Petrol prices have been hiked above the ₹97-level in Delhi on Sunday. As per the Indian Oil Corporation website, petrol price was increased by 29 paise in New Delhi to

Petrol prices have been hiked above the ₹97-level in Delhi on Sunday.
As per the Indian Oil Corporation website, petrol price was increased by 29 paise in New Delhi to&nbsp;₹97.22 per litre, while diesel was priced at ₹87.97 per litre.
This is the 27th hike in fuel rates since May 4, 2021. In some parts of Rajasthan&nbsp;and Madhya&nbsp;Pradesh, petrol prices have surged to as high as ₹108 per litre.
TV Narendran, President,&nbsp;CII and&nbsp;MD &amp; CEO, Tata&nbsp;Steel, mentioned that&nbsp;the government has increased taxes on petrol-diesel for the last 3-4 years and now Centre and State governments should come forward to provide relief to the people and industry of the country. He further demanded that petroleum products should be brought under the Goods and Services Tax (GST).

Secretary in the Department of Industry and Internal Trade (DPIIT) Guruprasad Mohapatra died of COVID-19 related complications on Saturday.Prime Minister Narendra

Secretary in the Department of Industry and Internal Trade (DPIIT) Guruprasad Mohapatra died of COVID-19 related complications on Saturday. Prime Minister Narendra&nbsp;Modi&nbsp;tweeted his condolences saying "Saddened by the demise of Dr. Guruprasad Mohapatra, DPIIT Secretary.
I had worked with him extensively in Gujarat and at the Centre. He had a great understanding of administrative issues and was known for his innovative zeal. Condolences to his family and friends. Om Shanti." Prior to taking over as&nbsp;DPIIT&nbsp;secretary in August 2019, Mohapatra served as chairman of the Airports Authority of India (AAI).
He was a Gujarat cadre 1986 batch IAS officer. He had earlier served as joint secretary in the Department of Commerce. Commerce and Industry Minister Piyush Goyal&nbsp;also tweeted "Extremely saddened to hear about the loss of Dr. Guruprasad Mohapatra, Secretary&nbsp;DPIIT.&nbsp;His long-standing service and dedication to the Nation have left a lasting impact. I convey my deepest sympathies to his family and friends."

US markets took a hit as the 30 stock Dow fell more than 500 points as investors got spooked by Federal Reserve (Fed) commentary on earlier than expected rate hikes.&nb

US markets took a hit as the 30 stock Dow fell more than 500 points as investors got spooked by Federal Reserve (Fed) commentary on earlier than expected rate hikes.&nbsp; The US stocks nosedived after Federal Reserve official James Bullard that the he was supporting the group of seven members that believes rate increases will&nbsp;begin next year. This comes as the Fed has moved up it's rate hike calendar to 2023 due to a rise in inflation forecast.&nbsp; Financials&nbsp;were down 6%, Energy sector down 5% were the worst hit on Wall Street.&nbsp; For the week, the Dow lost 3.5%. The S&amp;P 500 and Nasdaq were down by 1.9% and 0.2%, respectively.

Gold prices are down 5% so far this week, silver over 6% as the precious metals see the worst week in 9 months after hawkish comments from the Fed sent the dollar

Gold prices are down 5% so far this week, silver over 6% as the precious metals see the&nbsp;worst week in 9 months after hawkish comments from the Fed sent the dollar on a rally.&nbsp; The dollar jumped to a 2-month high as the Federal Reserve indicated earlier than anticipated rate hike. Prices in India were firmly below the Rs 47,000/10 gm mark which analysts believe will spark buying in the world's largest gold jewellery market.&nbsp; The price drop in the yellow metal may be temporary as per brokerage house Goldman Sachs who stated "In a now familiar pattern, the recent gold move has outpaced both the move in the dollar and in real rates, indicating it is due for an upward price reversal in coming weeks."

Ahmedabad-based vaccine manufacturer Zydus Cadila has told the Centre that it could apply for emergency use authorisation for its Covid-19 vaccine ZyCoV-D in the next s

Ahmedabad-based vaccine manufacturer Zydus Cadila has told the Centre that it could apply for emergency use authorisation for its Covid-19 vaccine ZyCoV-D in the next seven to ten days, reports said citing sources. The vaccine has completed its phase three trials for which around 28,000 volunteers were recruited. Last month, the vaccine manufacturer had said five crore doses of ZyCoV-D are likely to be available by August-September. Apart from adults, Zydus Cadila is also conducting trials of its vaccine candidate among children aged 12-17 years. If approved, ZyCoV-D will be the fourth vaccine to be used in India's Covid-19 vaccination drive after Covishield, Covaxin and Sputnik V. Zydus Cadila's Covid-19 vaccine candidate ZyCoV-D is India's first indigenously developed DNA vaccine candidate and it is to be administered via intradermal injection.

Fashion brand Zara has seen a dressing down in the last year posting a loss for it's India unit as sales fell 28% in FY21. This is the first loss for Zara in

Fashion brand Zara&nbsp;has seen a dressing down in the last year posting a loss for it's India unit as sales fell 28% in FY21. This is the first loss for Zara&nbsp;in India since it's arrival into the country in 2010. Zara&nbsp;which runs as a joint venture with Tata&nbsp;reported&nbsp;a net loss of Rs 41 crore as per Trent&rsquo;s annual report released Thursday. It posted a profit of Rs 104 crore in the previous year. It is one of the most profitable apparel retailers in the country. The hit on the numbers were due to lockdowns in the last year leading to dismal sales in 21 physical stores it runs across the country.&nbsp;

Reserve Bank of India (RBI) has given in principle approval to facilitate the takeover of PMC bank by Centrum-BharatPe. The central bank has given in princip

Reserve Bank of India (RBI) has given in principle approval to facilitate the takeover of PMC&nbsp;bank by&nbsp;Centrum-BharatPe.
The central bank has given in principle approval to Centrum&nbsp;to set up a small finance bank&nbsp; which was regulatory requirement for the takeover of PMC&nbsp;by the consortium.&nbsp;Centrum Group is owned by Jaspal Bindra, a former Standard Chartered honcho. For BharatPe, this will reduce the cost of capital. It has been wanting to lend on its own, instead of doing it only through its partner NBFC.&nbsp; This comes as a relief for PMC&nbsp;customers that still have to wait awhile for the current caps to be removed on deposits and other businesses.&nbsp;

Paytm will seek shareholder nod for it's IPO on July 12 as per reports. The payment merchant Paytm is looking to raise Rs 12000 cr which would make it In

Paytm&nbsp;will seek shareholder nod for it's IPO&nbsp;on July 12 as per reports. The payment merchant Paytm&nbsp;is looking to raise Rs 12000 cr which would make it India's largest IPO&nbsp;ever. Paytm, formally called One97 Communications, is also likely at it's EGM&nbsp;decide if founder and chief executive Vijay Shekhar Sharma can be declassified&nbsp;as the&nbsp;promoter. This move will ease the obligations on Vijay&nbsp;Shekhar&nbsp;Sharma&nbsp;who currently holds only 15% in the company.&nbsp;Alibaba's Ant Group holds the most stake at 29.71%.&nbsp; In the market for unlisted shares, Paytm&nbsp;share prices soared to as high as Rs 30,000/share before the company announced a bonus bringing it the price to Rs 3,000/share which would be more appealing to retail investors as per reports.&nbsp; But Paytm&nbsp;isn't the only startup&nbsp;lining up for Dalal&nbsp;Street, there a rush for startup&nbsp;IPOs&nbsp;on the anvil. Read also -: <a href="https://www.editorji.com/story/startup-ipo-rush-nykaa-zomato-paytm-delhivery-1623220694070">Zomato, Nkyaa, Delhivery, Paytm: The IPO&nbsp;choices</a>

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Business

Prof Esther Duflo, Raghuram Rajan in Tamil Nadu government's economic panel

China hardens stance on cryptocurrency, Bitcoin falls to 2-week low

Maruti Suzuki to hike car prices, third round of hike as costs surge

Viacom18, Zee Entertainment in talks for potential merger: Reports

Samir Arora speaks out on the PNB Housing-Carlyle deal, sides with SEBI & shareholders

SBI, HDFC, ICICI bank on blockchain technology, 15 lenders form a company

Jio connects: Reliance Jio gains most subscribers in 17 months

Aadhaar-PAN Linking deadline; Here is what you need to do urgently

Reliance AGM: Here is what to expect from $15 billion proposed Aramco-RIL deal

SEBI halts PNB Housing Finance- Carlyle deal, what is the holdup?

Infosys: most income tax portal glitches fixed, 1 lakh tax returns filed

EPFO allows to withdraw non-refundable advance in case of job loss

Fuel on fire: Petrol jumps above ₹97/litre in Delhi

Guruprasad Mohapatra, Secretary DPIIT dies of Covid-related complications

Asian markets slide following US markets' 500 point crack

Gold prices slide 5%, Goldman says reversal is due so is it time to buy again?

Zydus Cadila to apply for approval of its Covid vaccine in a week

Zara hit by Covid, posts loss for India unit as sales fall nearly 30%

Centrum-BharatPe gets RBI nod for PMC Bank takeover

Paytm IPO: Board to meet on July 12 to finalise $1.6 bn IPO

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