Government likely to merge 27 PSU banks into 6 banks : Report
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Posted on:07 Mar 2016 14:38:42
07 March 2016 Current Affairs: 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. The BBB, which will independently oversee consolidation and chalk out business plans for public sector banks, is set to be put in place by April 1, 2016.At present, public sector banks are fighting with each other for market share, but with so many payments and small finance banks coming in, the need is to consolidate and focus on strengthening the balance sheets to create big banks.The finance ministry is already looking to merge the newly-launched Bharatiya Mahila Bank. The government has maintained that it would not have any role to play in the merger exercise of public sector banks. The official said that in case certain banks show unwillingness, despite plans being chalked out by the BBB and the expert committee, then the government would intervene.
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