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PSU banks’ mergers a possibility

The government appears to be seriously considering consolidation in the banking sector – bringing down the current number of 27 PSU banks to around six. This has been the view gathering among the CEOs of these banks who attended the recently held Gyan Sangam, a retreat for them. There may not be any question of downsizing as a result of the consolidation as almost all banks are at present short-staffed. It is likely that a committee would be set up soon to go into the matter. The committee will work with the Banks Board Bureau also to fine-tune the process of consolidation, according to news reports. The bureau is expected to be formally formed by 1 April.

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