March 8, 2016

Government may merge 27 public sector banks into just six

With public sector banks under pressure to tackle their dismal bad loan scenario, consolidation is the way forward, and this could bring down the number of lenders to about six from the present 27, participants in the recently-held Gyan Sangam, a retreat for chiefs of public sector banks and financial institutions, told HT.

The time frame for the mergers will ensure there are no disruptions, the sources said. As banks are short-staffed, a downsizing would not be required, they said.


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