Amid the merger buzz, Bank of Maharashtra shares fell 1.3 percent to Rs 47, Union Bank of India tanked nearly 4 percent to Rs 123 per share and Bank of India stock slipped 0.8 percent to Rs 111
The Finance Ministry has issued a clarification, saying that this is a parliamentary committee on subordinate legislation, and it has no connection whatsoever with the policies of bank mergers.
Canara Bank also announced the discontinuation of the current swift code being used by the erstwhile Syndicate Bank customers for foreign exchange transactions.
The best way to make public sector banks strong is to transform their governance which is done best by privatizing them. Politicians have neither the inclination, nor the determination, to let them be run professionally without interfering.