Under this procedure, the New Bank of India was amalgamated with Punjab National Bank but the experience in this regard was considered to be not altogether satisfactory.
South Africa stands out on the continent as having the most well-developed and liquid financial markets. Across emerging market countries, South Africa also compares favourably with its peers. Turnover in fixed-income securities trading on the JSE has been gradually increasing, from below R10 trillion in 2004 to a record of almost R23 trillion in 2012.