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News18 Wrap: Govt Merges 27 Public Banks into 12, GDP Growth for Q1 Lowers to 5% and Other Stories You Missed

News18 Wrap brings you some of the biggest stories on News18.com today to help you stay updated at all times.


Updated:August 30, 2019, 8:38 PM IST
News18 Wrap: Govt Merges 27 Public Banks into 12, GDP Growth for Q1 Lowers to 5% and Other Stories You Missed
News18 Creative by Mir Suhail.

News18 Wrap brings you some of the biggest stories on News18.com today to help you stay updated at all times.

In case you missed it

Mega Merge: In a mega bank reform policy, Finance Minister Nirmala Sitharaman on Friday announced a series of mergers involving 10 state-owned banks as the government moves to strengthen a sector struggling under a mountain of debt. The mergers, which cut to 12 the total number of state-owned banks from 27 see the biggest merger being Punjab National Bank, Oriental Bank of Commerce and United Bank. The three banks together will merge to form India’s second largest bank after the State Bank of India while the other mergers are Canara Bank and Syndicate Bank; Union Bank of India, Andhra Bank and Corporation Bank; and Indian Bank and Allahabad Bank. Read more to know the full list. Meanwhile, workers from banks across the country have called for a strike on Saturday evening "to protest the creation of larger banks, at the cost of smaller banks."

GDP Drops: The Central Statistical Office (CSO) in its official release said that India's quarterly GDP has come down to 5 per cent as compared to 5.8 per cent in the last quarter of the financial year. The figure stood at 7.8 per cent in the same quarter of the previous financial year. Manufacturing sector and private consumption are being blamed for the slump. Ahead of official release of GDP numbers, most research firms had predicted muted growth in the previous quarter and had revised downward their forecast for FY20. Read more.

Missing Found: Minutes after the Uttar Pradesh Police claimed that the missing Shahjahanpur girl has been found, the Supreme Court questioned the authenticity of the report. The apex court asked the state government to apprise it on the whereabouts of the girl. It also asked the counsel to give a specified time period to present the girl before it and was informed by the counsel appearing for the state government that she was found in Rajasthan on Friday and was being taken to Shahjahanpur to meet her parents. Read more.

Yechury's Claim: CPM general secretary Sitaram Yechury, who returned to Delhi from Srinagar, contested the government's claims about the situation in the state and claimed that he was not allowed to speak to anyone. Yechury visited Srinagar on Thursday to meet ailing party colleague Mohammed Yousuf Tarigami after the Supreme Court rejected the Centre's contention that his visit may endanger the situation in the state. In accordance with the apex court's direction, the CPM leader will submit an affidavit about what transpired in Jammu and Kashmir. Read more.

Surprise Checks: The Central Bureau of Investigation (CBI) carried out joint surprise checks at 150 places across the country against corruption. The special drive was conducted primarily at such points of corruption where common citizens or small businessmen feel maximum pinch of corruption in the government machinery.The drive will sensitise all stakeholders about possible avenues of corruption and the difficulties common citizens face while seeking services from such departments. Read more.

First Meet: In a first, India and Pakistan held a technical meeting at the Zero Point on the opening of the Kartarpur Corridor, amid fresh tensions between the two countries after Jammu and Kashmir's special status was scrapped on August 5. The meeting comprised of a group of 15 officials from each side. The corridor will connect Darbar Sahib in Pakistan's Kartarpur with Dera Baba Nanak shrine in Gurdaspur district and facilitate visa-free movement of Indian Sikh pilgrims, who will have to just obtain a permit to visit Kartarpur Sahib. Read more.

Agree or disagree

Indian rivers are in a state of toxicity. Take the example of the most sacred and revered, Ganga, most of whose water is unfit for drinking and bathing. Out of the 86 monitoring stations on Ganga, only seven sites have been found to be fit for drinking after disinfection process, while only 18 spots have been found to be fit for bathing. That’s the data from the Central Pollution Control Board (CPCB). Going beyond Ganga, a CPCB report in 2018 showed that the number of polluted stretches in India’s rivers has increased to 351 from 302 two years ago, and the number of critically polluted stretches—where water quality indicators are the poorest—has gone up to 45 from 34. So the big question is, how do we change the scenario? Read the piece by Vikas Dimble and Priyank Hirani to know more.

Art of the Day


GDP growth stood at 7.8 per cent in the same quarter of the previous financial year and at 5.8 per cent in the last quarter.

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