 "Facing mergers and pay cuts, UCO Bank staff launch platform for turnaround")
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
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
