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Two large PSU banks may merge, says Vinod Rai

The two largest public sector banks based in India's financial capital are Bank of Baroda and Bank of India

Douglas Busvine  |  New Delhi 

The Centre may merge two large state-run banks in the coming financial year once a clean-up of bad assets has run its course, the official overseeing a turnaround of the sector told Reuters, days before a new process to resolve stressed assets goes live. Consolidation of India’s public-sector banks (PSBs) would represent a final step in rebuilding a financial system capable of underwriting credit growth and job-creating investment in Asia’s third-largest economy. First, though, the state-run banks must cleanse their balance sheets. They accounted for 88 per cent of a pile of ...

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First Published: Tue, October 11 2016. 23:15 IST