P J Nayak News

Former chairman of Axis Bank P J Nayak, who headed a government panel on banking reforms, has criticised government's move to consolidate state-run banks which are facing serious asset quality issues, saying it will only lead to bigger weaker banks.

The government Monday said it has rejected P J Nayak committee recommendations of lowering government holding in banks below 50 percent even as it is considering other suggestion on providing greater autonomy.