Finance Minister Nirmala Sitharaman is addressing a press conference in the national capital. Her press conference comes just a little ahead of the release of India's latest Gross Domestic Product (GDP)growth numbers.

Here are the updates from FM's press conference

No retrenchment has taken place post merger of Bank of Baroda, Dena Bank and Vijaya Bank; staff has been redeployed and best practicesin each bank have been replicated in others.Consolidated Indian and Allahabad Banks to be 7th largest PSB with Rs 8.08 lakh crore business. Strong scalebenefits to both with business doubling. High CASA & lending capacitycombined in consolidated bank.

Gains visible from PSB Reforms: 14 PSBs in profit in Q1FY20,GNPAs down by Rs 1.06 lakh crore, record recovery & highest PCR in 7 years.Stage set for NextGen PSBs.

Consolidated Union+Andhra+Corporation Banks to be 5thlargest PSB with Rs 14.6 lakh crore business and 4th largest branch network inIndia. Strong scale benefits to all 3 with biz becoming 2 to 4½ times that ofindividual bank

PNB, Oriental Bank and United Bank will be merged to becomethe second largest PSU Bank in India with business of Rs 17.95 lakh crore (1.5times that of PNB).

Total Employee strength: PNB – 65,116, OBC – 21,729, Unitedbank – 13,804

Canara Bank + Syndicate Bank: 4th largest PSB with businessof Rs 15.20 lakh crore ( 1.5 times of Canara bank) 3rd largest branch networkin india with 10,342 branches.

BoB + Vijaya Bank + Dena Bank merger have yielded wideranging benefits for the banking and economic sector. It has seen robust CASAgrowth by 6.96 percent post the merger. Amalgamation of banks helped in strongretail loan growth.Specialised agencies have been set up who are monitoringevery loan which is over Rs 250 crores.

4 NBFCs have found their liquidity solutions through PSBssince last friday with more in pipeline. Indian economy is $2.6 trillion ofwhich $1.9 trillion is credit

Government is focused on making economy a 5 trillion dollareconomy

Past announcements made is focused on bank rates, productlaunches, improving sentiments

We need to lay strong foundation for economic sector andbanking sector

The recent steps taken has helped in better loan recovery

Gross NPAs has come down. Loan recovery in FY19 stood at1,21,076 crore while the NPAs were brought down to 7.90 lakh crore, from 8.86lakh crore in March 2018

PSB reforms is now showing positive results as loan reciverhas increased while Gross NPAs have gone down significantly