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Finance ministry seeks internal exercise on bank merger
The union finance ministry has written letters to all heads of PSU lenders informing them the government’s decision to set up a ministerial panel to facilitate consolidation in the public banking space. A formal communication to CEOs of the banks from the Department of Financial Services last week has set in motion the consolidation process, a senior finance ministry official said.
New Delhi: The union finance ministry has written letters to all heads of PSU lenders informing them the government’s decision to set up a ministerial panel to facilitate consolidation in the public banking space. A formal communication to CEOs of the banks from the Department of Financial Services last week has set in motion the consolidation process, a senior finance ministry official said.
The government has been nudging the state-owned lenders to go for merger so that there can be fewer and stronger banks. The ministry wants banks to undertake an internal exercise for the best match and come up with the merger idea for the alternative mechanism (AM) set up for the purpose. The banks should analyse regional balance, geographical reach, IT compatibility, financial burden and human resource transition for the ministerial panel.
