How the mega banks’ merger will affect you

Finance Minister Nirmala Sitharaman on Friday announced the mega merger of public sector banks.

Here’s how the move will affect the banks’ customers.

Deposit, lending rates: No change. However, if you have a marginal cost of funds-based lending rate or MCLR-linked rate, it will change after the reset period.

Also, if you book a new fixed deposit or take a fresh loan, the rate will be decided by the merged entity. Similarly, the savings account interest rate may change

Cheque book/debit card: You can continue using your cheque book and debit cards. The bank will issue new ones in a year

Home branch: There may now be a branch that’s closer/farther to you, depending the merged entity’s decision

Account number: This will not change immediately. But if your bank has been merged with a bigger bank, there could be a change eventually and you could be allotted a new account number/customer id

Third-party details: If you have been allotted new accounts or IFSC codes, they have to be updated with various third-party entities: Tax department for refunds, insurers to get maturity proceeds, mutual funds to get the redemption amount and National Pension System, etc

EMIs/ECS mandate: You may have to submit new forms online or through branches

U.S. Says It’s at ‘Threshold’ of Taliban Deal Amid New Attack

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The U.S. said it’s at the “threshold” of a deal with the Taliban after the latest round of talks ended, even amid reports that the group attacked another Afghan city on Sunday.

U.S. Special Representative for Afghanistan Reconciliation Zalmay Khalilzad said he’ll be traveling to Kabul for consultations after discussions with the Taliban concluded in Qatar. The withdrawal of American and NATO forces was the most contentious point in the negotiations in the ninth round of talks.

Why Afghanistan Is the War That’s So Hard To End: QuickTake

“We are at the threshold of an agreement that will reduce violence and open the door for Afghans to sit together to negotiate an honorable & sustainable peace and a unified, sovereign Afghanistan that does not threaten the United States, its allies, or any other country,” he said on his official Twitter account.

The Taliban attacked the capital of Baghlan province on Sunday, after a separate offensive in Kunduz on Saturday killed at least 16 people, the Associated Press reported.

Israel’s Netanyahu Hopes to Annex All West Bank Settlements

Embattled Israeli Prime Minister Benjamin Netanyahu, running in an election that could be the fight of his political life, said he hopes to annex all Jewish West Bank settlements.

Israel will build more and more settlements and won’t uproot settlers, Netanyahu said Sunday in a speech in the West Bank settlement of Elkana. “With God’s help, we will extend Jewish sovereignty to all settlements,” he said.

The annexation of captured West Bank territory, long considered taboo in Israeli politics because of the international outcry it would spark, has recently become the clarion call of the Israeli right. With polls showing Netanyahu having no easy path to forming a government after the Sept. 17 election, backing annexation might help him to cement his nationalist bona fides with right-wingers who have other options to support in the vote.

China starts to impose additional tariffs on some US goods

• China on Sunday started to impose additional tariffs on some of the US goods on a $75-billion target list, with effect from 4:01 a.m. GMT.
• The extra 5% and 10% tariffs were levied on 1,717 items of a total of 5,078 products originating from the United States.

China on Sunday started to impose additional tariffs on some of the U.S. goods on a $75-billion target list, with effect from 4:01 a.m. GMT.

The extra 5% and 10% tariffs were levied on 1,717 items of a total of 5,078 products originating from the United States. Beijing will start collecting additional tariffs on the rest of the items from Dec. 15.

Beijing started levying a 5% tariff on U.S. crude oil from Sunday, the first time U.S. oil has been targeted since the world's two largest economies started their trade war more than a year ago.

There will not be a single job lost due to merger of banks, says Nirmala Sitharaman

“”No employee will be removed post merger of banks,” Ms. Sitharaman said.

Finance Minister Nirmala Sitharaman on Sunday allayed fears of job losses following the proposed merger of public sector banks, saying not even one employee shall be removed following the amalgamation.

“Absolutely, ill informed. I want to assure every union in everyone of these banks to please recall what I have said last Friday. When we spoke about amalgamation of banks I have very clearly underlined the fact that there shall not be job cuts. Not at all”, she said.

She was replying to a question on the bank employees unions opposing the merger plan on the ground it would lead to loss of jobs.

Ms. Sitharaman on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as the government looked to boost economic growth from a five-year low.

Responding to the government’s plan, the All India Bank Employees Union has said the amalgamation would lead to closure of banks besides job losses.