Merger of state-run banks exempted from scrutiny

The scrutiny exemption by the competent authority encompasses all cases of reconstitution, transfer of the whole or any part of nationalised banks.

The Government of India has provided exemptions from scrutiny to the consolidation exercise of public sector banks. 
 
The scrutiny exemption by the competent authority encompasses all cases of reconstitution, transfer of the whole or any part of nationalised banks. 
 
The facility would be available for a period of 10 years.
 
The Union Cabinet had, last week, given in-principle approval for public sector banks to amalgamate through an alternative mechanism.
 
“The decision would facilitate consolidation among the nationalised banks to create strong and competitive banks,” the government had said in a statement. 
 
A panel of ministers will decide on merger proposals.
 
Source: ET

Event date: 
Thursday, August 31, 2017

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