Moneycontrol PRO
Upcoming Webinar:Join us for 'The Future Techshot' on Sept 22, 10:30am to gain insights into role of tech in streamlining businesses. Register Now!
you are here: HomeNewsBusiness

Coronavirus pandemic | PSB-merger interrupted, advisories against large gatherings: Report

The banks have either put on hold or held online sessions for some planned gatherings, such as employee training and customer interface programmes.

March 17, 2020 / 02:33 PM IST
  • bselive
  • nselive
Todays L/H

The coronavirus outbreak has disrupted the process of merging state-run lenders, according to a report by Business Standard. The PSB-merger was expected to be effective from March 1

Several state governments have advised against large gatherings as the number of cases of coronavirus, aka COVID-19, rises in India.

The banks have either put on hold or held online sessions for some planned gatherings, such as employee training and customer interface programmes, the report said.

According to the proposal, 10 public sector banks (PSBs) will be consolidated into four.

Moneycontrol could not independently verify the report.


COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more

Coronavirus LIVE updates

“There are hopes that the coronavirus spread will be contained in the next two weeks. If not, it is up to the government to take a call on the matter,” a bank official told Business Standard.

Allahabad Bank, due to merge with Indian Bank, was supposed to hold a training session for trainers in Chennai this week. The same will now be conducted through a video conference, the report said.

Indian Bank CEO Padmaja Chunduru was scheduled to meet Allahabad Bank customers this week. But, the plan has been postponed after the government’s caution against non-essential travel.

Several bank officials do not have the option of working from home since the servers are being centralised.

“The coronavirus scare has derailed all plans, especially on staff training, as people cannot come for large gatherings. Banking involves a lot of security, and hence, work from home is not feasible,” an United Bank of India official told the paper.

United Bank of India and Oriental Bank of Commerce (OBC) will merge with Punjab National Bank. Canara Bank will merge with Syndicate Bank. Andhra Bank and Corporation Bank will merge with Union Bank of India.
Moneycontrol News
first published: Mar 17, 2020 01:56 pm

stay updated

Get Daily News on your Browser
ISO 27001 - BSI Assurance Mark