Al­ter­na­tive mech­a­nism for PSB merg­ers

India Business Journal - - NEWS ROUND-UP -

Set­ting the stage for more merg­ers, the Union Cab­i­net last month ap­proved an al­ter­na­tive mech­a­nism to over­see pro­pos­als of amal­ga­ma­tion of public sec­tor banks (PSBs). "The pro­pos­als re­ceived from banks for in-prin­ci­ple ap­proval to for­mu­late schemes of amal­ga­ma­tion shall be placed be­fore the al­ter­na­tive mech­a­nism," said Fi­nance Min­is­ter Arun Jait­ley. He added that the de­ci­sion would be based only on com­mer­cial con­sid­er­a­tion by the boards of the banks in­volved. The al­ter­na­tive mech­a­nism will in­clude a panel of min­is­ters, whose mem­bers will be de­cided by the prime min­is­ter.

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