Bank of India and Central Bank of India will continue as individual entities. Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab and Sindh Bank will also continue to operate on their own.
Finance Minister Nirmala Sitharaman had recently sparked controversy by saying that the mindsets of millennial adversely affected the automobile industry as they preferred to use radio taxi services instead of buying their own vehicle.
Finance Minister Nirmala Sitharaman is addressing a press conference over the state of economy and also about the measures being undertaken for giving an impetus to the economy.
Union Finance Minister Nirmala Sitharaman drew flak on Twitter after she said "millennial mindset" was to be held responsible for falling auto sales.
Denying any politics behind the sudden lack of support to the bill that was passed duly in both Houses of Parliament, Gadkari maintained that it is up to the states to care for the lives of their people.
On Tuesday, Sitharaman, at a press conference, had said: "The automobile and components industry has been affected by BS6 and the mindsets of millennial, who now prefer to have Ola and Uber rather than committing to buying an automobile."
Finance Minister Nirmala Sitharaman had said that the ongoing slump in the automobile sector can be traced to a factor that millennials do not want to commit themselves to EMIs.
Vehicle sales across categories registered a decline of 18.71 per cent to 18,25,148 units from 22,45,223 units in July 2018, it added. In fact, all vehicle categories witnessed a decline in sales during the month.
The slowdown in auto sales also stems from a severe liquidity crunch in the non-banking financial sector which has dried up lines of credit to both auto dealers and potential car buyers.
Ahead of Sitharaman’s assurance to bank employees, former Prime Minister Manmohan Singh said the state of the economy was deeply worrying and insisted that last quarter’s GDP growth rate of 5% signals that the country is in the midst of a prolonged slowdown.