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Select PSU banks gain; Dena Bank, UCO Bank up over 5%

United Bank of India, Dena Bank, Uco Bank and Indian Overseas Bank were up in the range of 5% to 11% on the BSE.

Facing mergers and pay cuts, UCO Bank staff launch platform for turnaround
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SI Reporter Mumbai
Shares of select public sector undertaking (PSU) banks were trading higher by up to 11% on the BSE on the report that the government has asked the Reserve Bank of India (RBI) to prepare a list of suitable banks for merger.

The government seeks to strengthen a banking system laden with bad debt, asked the RBI to suggest a time frame for the consolidation. The move is aimed at creating fewer, better-capitalized lenders and improving regulatory oversight, the Bloomberg report suggested quoting unnamed government official.

United Bank of India, Dena Bank, Uco Bank and Indian Overseas Bank were

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First Published: Aug 30 2018 | 12:25 PM IST

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