Cabinet gives 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, read a government statement.
The salient features of the approval Framework for Consolidation of Public Sector Banks are as follows:
The decision regarding creating strong and competitive banks would be solely based on commercial considerations.
The proposal must start from the Boards of Banks.
The proposals received from Banks for in-principle approval to formulate schemes of amalgamation shall be placed before the Alternative Mechanism (AM).
After in-principle approval, the Banks will take steps in accordance with law and SEBI’s requirements.
The final scheme will be notified by Central Government in consultation with the Reserve Bank of India.
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