PMO seeks specific details from FinMin on benefits of merging 10 PSBs

One advantage of the merger cited by the banks to the government is that their capital base would go up

The Prime Minister’s Office (PMO) has sought specific details from the finance ministry on the benefits of the proposed amalgamation of 10 state-owned banks, even as the lenders await necessary approvals from the government to take the process forward.

The anchor banks — Punjab National Bank (PNB), Canara Bank, Union Bank of India, and Indian Bank — which will take over six other public sector banks (PSBs), have been asked to furnish the financial projections for the next three-five years by the Department of Financial Services. In the past few days, the government has asked the banks to give their plans