Merger Of 10 Banks Into Four To Come Into Effect From April 1

Finance Minister Nirmala Sitharaman on Wednesday said the exercise of consolidation of 10 public sector banks (PSBs) into four is on course and the merger will come into effect from April 1, 2020.
The Union Cabinet, she said, has given a go-ahead for the merger proposal and the government has been in regular touch with these banks.

There will be no regulatory issues, she said.

"The banks' merger is on course and decisions have already been taken by the respective bank boards," she told reporters here.

The mergers are aimed at creating global sized banks in India.

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