Kumari Palany & Co

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New organization for public sector banks

Posted on: 05/Mar/2015 12:32:59 PM
Finance ministry has promised to bring an all new organization for all public sector banks in just four months from now. This new organization will be of help in providing necessary suggestion to banks in appointing new directors, providing recommendations, combining banks, fund collection, and other banking processes. This is said to contain 6 directors including retired consultants of public sector banks, ex directors, etc.
 
Necessary formalities to set up the organization will be carried out following approval by the concerned department, according to sources. Talks and discussions about setting up this new organization was on during the recently held conference. Speaking about this during the budget meet held recently, Arun Jaitley, the Finance Minister said this new organization will back the process of collecting funds in public sector banks.
 
It is to be noted that the total volume of funds needed for public sector banks will be about Rs 2.40 lakh crores by the year 2018.