A week after announcing a slew of measures to prop up the slowing economy, Finance Minister Nirmala Sitharaman announced the merger of 10 nationalised banks into four entities. This major banking reform will reduce the number of public sector banks to 12 from 27.

Here are the live updates

Profitability of public sector banks has improved and total gross non-performing assets have come down to Rs 7.9 lakh crore at end-March 2019 from Rs 8.65 lakh crore at end-December 2018, says the Finance Minister.

The liquidity support to NBFCs and housing finance companies has improved as the partial credit guarantee scheme has been executed. An infusion of Rs 3,300 crore has already been made and another Rs 30,000 crore is in the pipeline.

Nirmala Sitharaman announces measures to reform PSB boards.

Board committees of nationalised banks to appraise performance of GMs and above, including MD.

Boards given flexibility to introduce CGM level as per business heads.

Boards given residual service to ensure GMs and above are given tenure of at least two years.

Boards can decide on pay of non-official directors.

Boards can recruit Chief Risk Officer, at market-linked compensation

Risk Management Committee given mandate to fix accountability for compliance of Risk Appetite Framework

MCB loan sanction thresholds enhanced up to 100%

Executive Director's strength in larger banks to be raised to four

Bank of India and Central Bank of India will continue to function as is.

Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab and Sindh Bank will continue to function in their regional areas, she says.

This means there are 12 PSBs in the country to power the Five trillion economy dream, she says.

Canara Banka and Syndicate Bank will be merged and this will be the third largest bank, Nirmala Sitharaman says. iFlex will be the Fintech.

Union Bank of India, Andhra Bank, Corporation Bank will be merged to become the fifth largest PSB.

Indian Bank is being merged with Allahabad Bank. The business size will make it the seventh largest bank.

Nirmala Sitharaman announces the merger of Punjab National Bank, Oriental Bank of Commerce, and United Bank. The merged entity will be the second largest bank in India with business of Rs. 17.95 lakh crore.

Anchor bank will be PNB, she says. Finacle is the Fintech.

The new entity will have 11,437 branches.

Fourteen public sector banks have earned profit this year, as against two last year, she says.

Citing the recent merger of Bank of Baroda, Vijaya Bank and Dena Bank, she says no one was retrenched. Best practices of one adopted for the merged entity, she adds.

Loan recoveries have reached record levels., says Ms. Sitharaman and adds it has crossed Rs. 1.21 lakh crore in FY19.

Gross NPAs have come down and the level they are at today is just 7.9% as of March 2019. The figures have come down to Rs. 7.9 lakh crores.

Four NBFCs have received liquidity from banks since last week, the Finance minister says and briefs steps taken to make banking more efficient.

SWIFT messages have been linked to core banking services.

IT-based centralised processing centres and verticals started

MSME bills discounted on TReDS

Selection at arms length through Banks Board Bureau

MD selection from market of large PSBs and wider pools of other PSBs

Non-executive Chairman introduced for all PSBs

Financial sector and banks are the topics for today’s meet, announces Nirmala Sitharaman. Today's press meet is a continuation of the one held last week to address the issues to do with the economy, she says and gives a brief of last week's key announcements.