The next line for merger of banks could be Bank of India, Bank of Maharashtra, Union Bank and UCO Bank. The parliamentary committee may start discussing the possible merger of these four banks early next year. After this merger, two big banks will emerge in the country.

Reuters has given this report quoting sources in the Finance Ministry. According to this, the government can start talks with the representatives of UCO Bank and Union Bank of India on January 2, 2024, after which the possibilities of merger of Bank of Maharashtra and Bank of India will be explored on January 6, 2024. These meetings will be held in Mumbai and Goa. However, sources have described it as a routine exercise. This document has the signature of Ramesh Yadav, Deputy Secretary to the Government of India. This government document was released on 16 November.

UCO bank to merge with Union Bank. Bank of Maharashtra to merge with Bank of India. Both did QIP earlier in the month.

Even though it was announced in Budget 2022, names were always up in the air regarding which smaller PSU banks will merge with larger PSBs. This is informal… pic.twitter.com/35ynnKhkdL

— Amit Kumar Gupta (@amitgupta0310) December 17, 2023

Important financial institutions of the country were called

According to the report, apart from these four banks, Chairman of Reserve Bank of India (RBI), LIC, IRDAI and NABARD have also been called through this letter. Besides, in this letter, the MD and CEO of New India Insurance Company, United India Insurance Company, Oriental Insurance Company, National Insurance Company and SBI Life Insurance have also been invited.

Merger of 10 government banks took place in 2019

The central government had merged 10 government banks of the country in 2019. After this mega merger, 4 government banks came into existence. Earlier in 2017, the Cabinet had approved the merger of five subsidiary banks of SBI into State Bank of India. In March 2020, the government merged Oriental Bank of Commerce and Union Bank of India into Punjab National Bank. Apart from this, Syndicate Bank was merged with Canara Bank, Corporation Bank was merged with Union Bank of India and Allahabad Bank was merged with Indian Bank.

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Indian Railways used to give 40 per cent concession in fares to men aged 60 years or more. While women passengers of the age of 58 years or more got 50 percent discount in the fare.

These concessions were given to senior citizens in fares of all classes of Mail/Express/Rajdhani/Shatabdi/Duronto group trains. But was withdrawn on March 20, 2020. The Standing Committee on Railways, headed by BJP MP Radha Mohan Singh, made this recommendation in its report on the demand for grants presented in both houses of Parliament on Monday.

The parliamentary committee has already demanded

According to the news agency PTI, the committee said that according to the information given by the Railways, now the situation has become normal from Kovid and the Railways has achieved normal growth. The committee had also expressed this desire in its 12th Action Taken Report (17th Lok Sabha) on Passenger Reservation System.

The committee says that it can be considered at least in sleeper class and third AC class so that weak and really needy citizens can take advantage of this facility. However, the Railways said that it has no plans at present to resume the concession. Because already 50-55 percent concession is being given to all the passengers.

At the same time, in December last year, Railway Minister Ashwini Vaishnav has also made it clear that the concession given to senior citizens in the Railways will not be restored for the time being. He told that the pension and salary bill of the Railways is very high. Apart from this, last year, Indian Railways had given a subsidy of Rs 59000 crore for passenger related services.

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A parliamentary committee will seek an explanation from the Finance Ministry to reject the Labor Ministry’s proposal to increase the pension of Employees’ Provident Fund Organization (EPFO) subscribers from the existing Rs 1,000 per month. However, the amount of the increase proposed by the labor ministry could not be ascertained. Top officials of the Labor Ministry and EPFO ​​on Thursday briefed the Parliamentary Standing Committee on Labor under the chairmanship of BJD MP Bhartrihari Mahtab about the operation of the EPF Pension Scheme and the management of its funds.

Officials told the committee that the finance ministry did not agree to the labor ministry’s proposal for any increase in monthly pension. The committee has now decided to call top officials of the Finance Ministry to seek clarification regarding this move. The committee in its report had recommended to increase the minimum monthly pension payable to the member/widow/widow pensioner by at least Rs.2,000.

EPFO board made changes in the pension scheme

EPFO ​​has allowed the employees retiring in less than six months to withdraw the amount deposited under the Employees’ Pension Scheme 1995 (EPS-95). At present, the Employees’ Provident Fund Fund (EPFO) allows subscribers to withdraw deposits from the Employees’ Provident Fund account only if there is less than six months of service left.

This decision means that now the subscribers of EPFO ​​will be able to withdraw money from the pension fund as well. EPFO allows withdrawal of the amount deposited in its Employees Provident Fund account i.e. EPF account only if the service is less than six months till now. According to the rules till now, you get pension fund money after retirement. However, now the EPFO ​​has sent its proposal to the Finance Ministry and its official approval is awaited.

Reaching 10 crore people

According to Union Labor Minister Bhupendra Yadav, the scope of EPFO ​​will be increased from the current 6.5 crore members to 10 crore members. He said that the biggest responsibility of EPFO ​​is to reduce its litigation and increase the spread.

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