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The bank said the shareholders will be allowed to e-vote for electing four directors from a list of five candidates as per the provisions of the SBI Act and SBI General Regulations, 1955.
Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1 per cent of their total assets at the end of September 2019.
Customers are also facing trouble because net banking services are not working and some even complained that their credit cards are also not working.
The bank has a responsibility to ensure the security of its customers on its premise.
The macroeconomic data on GDP, core sectors and auto sales indicating the deepening economic rout in the country is partly the reason for the bearish spirits.
The banks to be merged are Punjab National Bank (PNB), Oriental Bank and United Bank; Canara Bank and Syndicate Bank; Union Bank, Andhra Bank and Corporation Bank; and Indian Bank and Allahabad Bank.
A Chartered Accountant with more than 30 years of experience, Godbole has held senior management positions in Ernst & Young, Oracle Financial Services Software (OFSS), Wipro, and Deutsche Bank.
The RBI permitted banks to use government securities equal to their incremental outstanding credit to NBFCs to be used to meet liquidity coverage ratio requirements.
The government is keen to take steps so that history isn't repeated as far as NPAs are concerned.