Facing all-round criticism on the Economic slowdown, the Modi government of the Center can once again make big announcements to give a boost to the economy. Actually, Union Finance Minister Nirmala Sitharaman will hold a Press conference on Saturday at the National Media Center in Delhi. According to PIB, many important announcements can be made in this press conference to be held at 2.30 pm.
This will be the third time in the last 1 month when Finance Minister Nirmala Sitharaman can make big announcements related to the economy at a press conference. Earlier on August 30, after a press conference, Nirmala Sitharaman took many big decisions regarding the banking sector. During this, he announced the merger of 10 state-run banks to form four large banks.
The first merger will be with United Bank of India and Oriental Bank in Punjab National Bank. Similarly, Union Bank of India, Andhra Bank and Corporation Bank will be merged under the second merger. Apart from this, Canara Bank will include Syndicate Bank and Indian Bank will be Allahabad Bank. Please tell here that on September 5, the Board of Directors of PNB and Union Bank of India approved the merger in principle. However, after this merger there will be 12 PSBs banks in the country. Earlier in 2017, there were 27 banks in the public sector.
Many Announcements made on 23 August as well
Finance Minister Nirmala Sitharaman also made an announcement related to the economy at a press conference on 23 August. During this time, he removed the additional surcharge on foreign investors. Apart from this, the Finance Minister soon announced to provide capital of Rs 70,000 crore to banks. Also told that banks will now directly benefit the customers of the repo rate reduction by RBI. The effect of this will be that customers will now get home and auto loans cheap.
At the same time, to give a boost to the auto industry, it said that BS-4 vehicles purchased by 31 March 2020 will be valid. At the same time, relief was also given on one time registration fees. Not only this, while giving relief to the businessmen who are facing shortage of money due to delay in GST refund, now that GST refund will be paid within 30 days.