Jaitley to head panel on merger of PSBs

Moving ahead with reforms in public sector banking space, the government has constituited a ministerial panel headed by Finance Minister Arun Jaitley that will oversee merger proposals of state-owned banks.

The other members of the panel including Railway & Coal Minister Piyush Goyal and Defence Minister Nirmala Sitharaman.

The cabinet in August gave approval to set up an alternative mechanism to expedite the consolidation process of PSB to create 3-4 big global competitive banks in the country.

Financial services secretary Rajiv Kumar said, in a tweet, “Govt walks the talk on banking reforms; constitutes Alternative Mechanism for PSBs consolidation; Finance Minister to head.” In August, the cabinet had given its approval for an alternative mechanism, comprising a panel of ministers, for inprinciple approvals to merger proposals. The finance ministry had then sent a letter to all state-run banks informing them about the process.

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