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Merger of 10 PSBs into four likely today!

By IndianMandarins- 05 Feb 2020
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The government is likely to give go ahead to the merger plan of 10 public sector banks (PSBs) into four. The scheme for amalgamation is likely today. Union Cabinet led by Prime Minister Narendra Modi will have the cabinet meet on February 5 and is expected to approve merger of these PSBs. As per the scheme which has been put up before the Cabinet for its approval, the merger of the balance sheets will be completed by April 1, 2020.

Boards of all 10 PSBs will meet to approve the swap ratios afterwards. The merger scheme will have provisions to safeguard interests and rights of workers in these banks. This will be the biggest merger exercise of PSBs, which was announced by Finance Minister Nirmala Sitharaman in August 2019.

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