Asian Development Bank (ADB) annual funding to India hits record high

Last year, the Asian Development Bank (ADB) increased its overall yearly funding to India to $4.27 billion, thanks to Covid-19 support. The ADB stated in a statement on Friday that this was the greatest yearly lending commitment to the country since the bank’s lending operations began in 1986.

According to the announcement, the total sum includes $3.92 billion in sovereign financing for 13 projects, including $1.8 billion in pandemic-related support and a $356 million commitment through non-sovereign activities.

As part of its pandemic assistance to India, the Asian Development Bank (ADB) offered emergency assistance to contain the virus and implement social protection measures to help the poor and vulnerable.

[pt_view id=”05a5730dwk”]

“ADB stands ready to provide more resources to address India’s many Covid-19-related challenges in the future, including funds to expedite the country’s ongoing vaccination programme and build the health system’s resilience against future shocks, as well as supplementary support to protect small businesses, underpin education, and underpin social protection,” said Takeo Konishi, ADB Country Director.

adb

Aside from Covid-19 aid, the international lender increased its funding for India’s infrastructure development by assisting with energy, transportation, urban development, and public sector management.

This includes $500 million for the construction of an 82-kilometer high-speed Delhi-Meerut RRT system corridor, as well as energy sector loans to boost distribution networks in Maharashtra, Karnataka, Uttar Pradesh, and Meghalaya, as well as a 120-megawatt hydroelectric power plant in Assam.

Three banks announces their merger ratios

  • On 4 March, the Union Cabinet allowed the merger of 10 public sector banks (PSBs) into four entities.
  • OBC and United Bank of India shareholders will receive 1,150 shares and 121 shares of PNB, respectively, for each 1,000 shares of their parent bank, according to regulatory filings.

On thursday board of Punjab National Bank (PNB) and Union Bank of India has approved for merger ratios with 4 other banks as per government exercise to Merge 10 Banks into 4 Banks.

According to a regulatory filing Thursday, Syndicate Bank shareholders will receive 158 Canara Bank shares for every 1,000 shares of their bank.

Banks that are going to Merge are:-

  •  Oriental Bank of Commerce (OBC) and the United Bank of India are to merge with PNB
  •  Andhra Bank and Corporation Bank are to merge with Union Bank of India.

OBC and United Bank of India shareholders will receive 1,150 shares and 121 shares of PNB, respectively, for every 1,000 shares in their parent bank, according to regulatory filings. Meanwhile, the shareholders of Andhra Bank and Corporation Bank will receive 325 and 330 shares, respectively, of Union Bank of India for every 1,000 shares of their bank.

The other banks that are expected to merge are Indian Bank and Allahabad Bank, and Canara Bank and Syndicate Bank. However, these banks have not yet reported the ratios for the merger.

On 4 March, the Union cabinet approved the consolidation of 10 public sector banks (PSBs) into four entities, a development that aims to have fewer but stronger lenders across India.

“These steps are taken so that consumers can benefit from the expansion of larger banks and more credit funds available”

Previous Share closes of these Banks are:-
  1. Union Bank of India’s shares closed at approximately 39.35 (up 8.25% from the previous close)
  2. Andhra Bank closed at approximately 113.52 (3.76% higher)
  3. Corporation Bank closed at approximately 19.05 (2.14% higher).
  4. Punjab National Bank’s shares on BSE were closed at some 44.9 (1% higher than previous close)
  5. Oriental Bank of Commerce closed at some 47.05 (up 15.89%)
  6. United Bank of India closed at some 7.5 (3.03% higher).

In the merger of Bank of Baroda (BoB) with Dena Bank and Vijaya Bank, Vijaya Bank and Dena Bank shareholders received 402 and 110 BoB shareholdings for every 1,000 shares they owned.

In April 2017, State Bank of India (SBI) merged five of its subsidiaries —
  • State Bank of Bikaner and Jaipur (SBBJ),
  • State Bank of Mysore (SBM),
  • State Bank of Travancore (SBT),
  • State Bank of Hyderabad (SBH)
  • State Bank of Patiala (SBP)
  • Bharatiya Mahila Bank (BMB)—

The step, which made SBI one of the top 50 big banks worldwide in terms of assets and saw 4,000 SBI employees and associate banks opting for voluntary retirement.

Latest Updates

  • Review of TDS/TCS Amendments in Budget 2025
    Review of TDS/TCS Amendments in Budget 2025 Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) provisions are integral to the tax system, ensuring tax collection at the source of income. However, the complexity of multiple sections, varying threshold limits, and diverse tax rates often leads to compliance challenges for both […]
  • Income Tax Update: ITR-U Filing Deadline Extended to 48 Months
    Income Tax Update: ITR-U Filing Deadline Extended to 48 Months The Indian government has extended the deadline for filing updated income tax returns (ITR-U) from 24 months to 48 months. This change, proposed in Budget 2025 by Finance Minister Nirmala Sitharaman, allows taxpayers more time to rectify errors, disclose omitted income, and comply with tax […]
  • Union Budget 2025: Key Tax, GST & MSME Updates Explained
    Union Budget 2025: Key Tax, GST & MSME Updates Explained The Union Budget 2025 introduces significant updates impacting income tax, GST, and MSMEs, aiming to simplify compliance, boost economic activity, and ease the financial burden on taxpayers. Below are the major highlights: Income Tax Reforms 1. Revised Tax Slabs (New Regime for FY […]
  • Key Highlights of Indirect Taxes in Budget 2025
    Key Highlights of Indirect Taxes in Budget 2025 The Budget 2025 session commenced on January 31, 2025, with the President of India’s address and the presentation of the Economic Survey 2024-25. The survey forecasts India’s GDP growth for FY 2026 to be between 6.3% and 6.8%, citing strong economic fundamentals. With […]
  • Key Highlights of Union Budget 2025 – 2026
    Key Highlights of Union Budget 2025 – 2026 Union Finance Minister Nirmala Sitharaman presented her eighth budget on February 1, 2025, introducing major reforms aimed at benefiting the middle class, MSMEs, startups, and various industries. Key measures include tax exemptions, credit availability expansion, and sector-specific initiatives. Tax Reforms and Relief New […]