Finance Ministry starts groundwork for fresh banking mergers

NEW DELHI: The next wave of bank consolidation is planned during the October-December quarter of the current fiscal with the Finance Ministry starting to seek information from PSBs on possible targets for amalgamation/mergers and acquisitions with justification on how such an initiative will synergise operations and strengthen the bank. Government sources said that heads of all public sector banks (PSBs) have been asked to be ready with their consolidation plan so that it could be placed before the alternative mechanism (AM) of the new government as soon as it is…

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