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Cabinet likely to approve mergers of 10 public sector banks into 4 today

This will be the biggest merger exercise of PSBs, which was announced by Finance Minister Nirmala Sitharaman in August 2019

Somesh Jha  |  New Delhi 

The Centre might approve the scheme for amalgamation of 10 public sector banks (PSBs) into four on Wednesday, an official source said. The Union Cabinet, led by Prime Minister Narendra Modi, is scheduled to meet on Wednesday and is expected to approve the amalgamation of the PSBs. According to the scheme, which has been put up for the Cabinet’s approval, the merger of the balance sheets will be completed by April 1.

Subsequently, the boards of all the 10 PSBs will meet to approve the swap ratios. The scheme will have provisions to safeguard the rights of workers in these banks. It ...

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First Published: Wed, February 05 2020. 01:27 IST
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