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Government Writes to PSU Banks on the “Merger”
September 05, 2017
The finance ministry has written to the heads of all the public sector banks (PSB) to inform them about the upcoming consolidation.
According to a senior official, the Department of Financial Services has sent an official message to the PSBs regarding its decision to set up a ministerial panel that will facilitate and oversee the consolidation of the public banks. The banks are also being asked to provide their own merger ideas after analyzing factors such as IT compatibility, financial strain, regional balance, etc.