REGIONALBASED MODEL TO BE USED FOR PSU BANK CONSOLIDATION
HONG KONG: The government plans to adopt a regional-based model for consolidating its bloated public-sector banks, Banks Board Bureau chairman Vinod Rai said on Tuesday. “We have to plan a model for consolidation which will be region-based so that we have a few strong banks in the west, north, south and east,” Rai said., while speaking at the annual Credit Suisse Asian investment conference in Hong Kong. “That will also avoid branch-based redundancies.” Banks had stressed loans of ₹9.64 lakh crore as of end-December, minister of state for finance Santosh Gangwar told lawmakers this month, with 90% of the pile with state-run institutions.