Diabytes
PSU banks merger News
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The government on Wednesday decided to set up an alternative mechanism to oversee the proposals for consolidation of public sector banks (PSBs) with a view to creating fewer but stronger lenders.
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In the context of massive accumulation of bad loans by state-run banks, the Union Cabinet on Wednesday gave an "in principle" approval for their consolidation by merging some of the public sector lenders, Finance Minister Arun Jaitley announced.
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Government may merge two large state banks in the coming fiscal year once a cleanup of bad assets has run its course.
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