As per report Finance Minister Nirmala Sitharaman is likely to hold a press briefing at 4:00 pm on Friday evening amid expectations that the government would announce a mega consolidation plan for public sector banks. Meanwhile the Ministry of Finance has called a meeting with chief executives of ten state run banks, which are seen as top contenders for merger, as per a business Standard report. Furthermore the banks invited for meeting today are Allahabad Bank, Andhra Bank, Canara Bank, Corporation Bank, Indian Bank, OBC, Punjab National Bank, Syndicate Bank, Union Bank of india and United Bank of india.

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The daily quoted a top source close to the development as saying "The PSB merger will be announced anytime soon as part of the government's reforms agenda”. Furthermore the government has already consulted the Reserve Bank of india in this regard earlier this year. Meanwhile Nirmala Sitharaman on Thursday said the Centre will announce two more big steps in the coming days to give momentum to industry and the minister, however, did not elaborate on the two steps to be taken by the government.



Moreover the BJP led NDA government is expected to speed up the banking consolidation, especially, in the public sector banks (PSBs). The plan is to create a few large banks by merging 2-3 banks together.


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