FM said PSU banks should consider mergers to be more competitive and to reduce risks.
Written by Reuters
New Delhi |
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The Finance Minister said on Wednesday state-run banks should seriously consider mergers to be more competitive and to reduce financial risks.
“(State-run banks) should look at consolidation as a serious option in order to reduce risk to financial stability and to face competition,” Pranab Mukherjee said in a statement after meeting bankers.
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“Any consolidation initiative in the banking sector would be viewed positively and government,as a majority shareholder,would continue to play a supportive role in this process.”
