Fiat Chrysler proposes merger plan with Renault. Lenskart in talks with SoftBank to raise $350m, set to join the unicorn club. Google to release pricing and launch information for its gaming platform Stadia. Govt to merge the Central Statistics Office and the National Sample Survey Office. Analysts split on the fate of Rupee following Modi’s resounding win in the General Elections 2019. Benchmark 10-year bond yield falls to the lowest level in over a year.
Moving on to the top Business news of the day.
Next wave of bank consolidation likely to take place in Q3. Govt to merge the Central Statistics Office and the National Sample Survey Office.
A Proposal You Cannot Refuse: The Ministry of Finance has started seeking information from PSBs on possible targets for amalgamation/mergers and acquisitions with justification on how such an initiative will synergise operations and strengthen the bank.
What You Need to Know: The move comes ahead of the next wave of bank consolidation which is likely to take place during the October-December quarter of the current fiscal.
Previously: Last year, alternative mechanism (AM) or a group of Ministers under former Finance Minister Arun Jaitley, which was created in 2017 to fast track consolidation and help create strong and competitive banks had approved the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda (BoB).
Also, This: In 2017, the State Bank of India absorbed five of its associates and the Bharatiya Mahila Bank.
This fiscal is likely to witness the merger of Punjab National Bank (PNB) with smaller PSBs. Syndicate Bank, Oriental Bank of Commerce, Andhra Bank and Allahabad Bank are being considered for the merger.
The Countdown Begins: With the election results now out, the countdown for Budget 2019 India has begun! Here are the top 5 expectations from Modi government by Fitch Ratings.
Under One Umbrella: The Ministry of Statistics and Programme Implementation has approved the decision to merge the Central Statistics Office and the National Sample Survey Office into a National Statistical Office.
The Central Statistics Office provides data on economic indicators such as the Gross Domestic Product and Index of Industrial Production, while the National Sample Survey Office conducts research on matters such as consumption expenditure and unemployment.
The move comes in an attempt to avoid duplication of work and leverage the strength of the statistical system.