Finance Minister Nirmala Sitharaman announces 4 mega bank mergers

Finance Minister Nirmala Sitharaman announced 4 mega mergers of 10 banks. Sitharaman said that the creation of next-generation banks was imperative for India to become a $5 trillion economy in the next five years. The reforms in the banking sector come after the government announced a slew of measures to revive growth in the Indian economy. In 2018 too, the government had approved merger of Vijaya Bank & Dena Bank with Bank of Baroda.