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Mega Banks Merger: 10 Public Sector Banks Consolidated into 4
September 04, 2019
In a bid to strengthen the banking sector that’s reeling under the pressure of bad loans, the Center has announced the amalgamation of 10 state-run banks into 4 bigger entities.
Finance Minister Nirmala Sitharaman said that the government wants to create “next-generation banks”. She also said that we need banks that have a strong domestic presence and global reach. However, bank unions have expressed disapproval against the move as they think it lacks rationality.
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