Cabinet okays alternative mechanism for PSU banks merger

Merger could take into account asset quality, capital adequacy ratio, profits, locations of banks

The Cabinet on Wednesday approved setting up of an alternative mechanism for merger of public sector banks. 

The mechanism also talks about setting up of a group of ministers, sources said. 

The merger could take into account asset quality, capital adequacy ratio, profits and locations of banks, sources said.

Meanwhile, the Cabinet could not take up the matter of ordinance for hike in ceiling of cess over the peak GST rate of 28 per cent for big cars.