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Govt to speed up state bank mergers for economic revival, tackling NPAs

Banking sector reforms are a major plank of Modi's administration to revive credit growth

Bank Consolidation

Reuters  |  New Delhi | Mumbai 

The government approved a proposal on Wednesday to set up a ministerial panel to speed up consolidation of state-run banks as part of its efforts to revive credit and economic growth. Prime Minister Narendra Modi will name the members of the panel, which will oversee proposals for mergers from the boards of the banks, Finance Minister Arun Jaitley said after a meeting of the federal cabinet. The government owns majority stakes in 21 lenders, which account for more than two-thirds of banking assets in Asia's third-biggest economy. But these banks also account for the ...

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First Published: Thu, August 24 2017. 08:01 IST