Indian Bank Current Affairs - 2020

Cabinet Approval: Mega Consolidation of Public Sector Banks

On March 4, 2020, the Union Cabinet chaired by Narendra Modi had approved mega consolidation of 10 Public Sector Banks.

Highlights

The mega merger is to come into effect from April 1, 2020. It includes amalgamation of United Bank of India and Oriental Bank of India into Punjab National Bank. Also, amalgamation of Syndicate Bank into Canara Bank. The Cabinet also approved amalgamation of Corporation Bank and Andhra Bank into Union Bank of India. It also approved amalgamation of Allahabad Bank into Indian Bank

Benefits

The Amalgamation will help these under performing banks get cost benefits. Also, each amalgamated bank will hold business of 8 lakh crore rupees. This will help the banks compete with other banks in India and also globally. It will also increase competitive spirit of the banks boosting Indian Banking System.

How is Amalgamation different from Merger?

A Merger is where two or more business entities combine to form a new entity. On the other hand, in amalgamation one business entity acquires one or more business entities.

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Indian Bank launches IndPay mobile app service

State-owned financial services lender Indian Bank has launched IndPay mobile app service to enables its customers to operate bank accounts anytime from anywhere.

It was formally unveiled by the Indian Bank MD and CEO M K Jain

Key features of IndPay app

  • Aims at helping bank’s customers to access their bank accounts from any corner of the country.
  • It can be operated through smartphones compatible with Android, iOS and Windows mobile operating systems.
  • It will help customers to do transactions like enquiries, transferring funds to any account and getting mini statements.

About Indian Bank

  • Indian Bank is one of the oldest bank in India. It was established in 1907 as a private bank.
  • It is headquartered in Chennai, Tamil Nadu
  • It was nationalised in 1969 by the Government of India along with other 13 private banks under Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969.

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