Punjab National Bank Current Affairs - 2020

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RBI approves Mega Bank Consolidation Plan

The Reserve Bank of India is to implement a merger plan of 10 state-run banks into 4 larger banks from April 1, 2020. The Amalgamation of the banks had been notified by the GoI earlier of March 2020.

Amalgamation Plan

According to the plan, the United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank. The Syndicate Bank is to be amalgamated with Canara Bank. The Allahabad Bank is to be amalgamated with Indian Bank. Also, Andhra Bank and Corporation Bank are to be amalgamated with Union Bank of India.

RBI’s approval

The amalgamation plan has been initiated by the GoI. However, the plan is to be implemented by RBI. This is because the Reserve Bank plays the role of the apex in banking sector.

Section 7 of RBI act

The Section 7 of the RBI act empowers the GoI to make rulings on the functioning of RBI in matters of public interest. With this power, the Finance Minister has initiated the amalgamation plan and the plan has been approved by RBI.

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Preventive Vigilance portal: launched by PNB

Punjab National Bank launched a Preventive Vigilance (PV) portal to facilitate its staff members to check procedural lapses as well as promote good practices. It was launched during a function held at PNB Corporate Office, chaired by Central Vigilance Commissioner Sharad Kumar. Besides PV portal e-pledge mission was inaugurated.

About Preventive Vigilance portal

To promote vigilance awareness in the banking system, PNB introduced the first of its kind technology based solutions through Preventive Vigilance portal.

PV portal will facilitate all staff members to contribute towards arresting procedural lapses and unhealthy practices.

It will also usher in a coherent climate conducive to banking for modern age.

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