New Delhi: The Central Government had announced the merger of ten state-owned banks of the country some time ago. These public sector banks have to be merged into four banks. Under this, Andhra and Corporation Bank will be merged with Union Bank of India. The board of the bank has approved it.
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Apart from this, the bank board has also approved to infuse Rs 17,200 crore in the bank in the current financial year. These decisions were taken at a meeting of the board of directors of Union Bank of India held on Monday. The bank has given this information to the stock market itself.
On August 30, Finance Minister Nirmala Sitharaman had announced the integration of ten public sector banks to form four banks. The bank said the board approved the merger of Andhra Bank and Corporation Bank with Union Bank after the meeting. Along with this, the bank said that during the meeting, the board has also decided to approve the revised scheme of investment of Rs 17,200 crore in the bank in the current financial year.
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Union Bank of India told the stock market that out of this, Rs 13,000 crore will be infused through equity capital and Rs 4,200 crore will be infused through tier one-tier two bonds. Apart from this, the bank also said that its board has approved the government to raise capital of Rs 13,000 crore by issuing equity shares through preferential allotment. Other regulatory approvals are to be obtained for this. Let me tell you that this decision of the government is also being criticized.
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