NEW DELHI (Reuters) - India's central cabinet has approved a mechanism to oversee consolidation in the state-run banking sector, Finance Minister Arun Jaitley said on Wednesday.
Jaitley said a ministerial panel will be set up to supervise merger proposals from banks' boards, adding that the objective of the planned consolidation was to create strong banks.
(Reporting by Rajesh Kumar Singh and Devidutta Tripathy; Editing by Richard Borsuk)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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