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Centre clears bank
Highlights
The Union Cabinet on Wednesday approved a proposal to set up a ministerial panel to speed up consolidation of state-run banks as part of its efforts to revive credit and economic growth.
New Delhi/Mumbai: The Union Cabinet on Wednesday approved a proposal to set up a ministerial panel to speed up consolidation of state-run banks as part of its efforts to revive credit and economic growth.
Prime Minister Narendra Modi will name the members of the panel, which will oversee proposals for mergers from the boards of the banks, Union Finance Minister Arun Jaitley said after a meeting of the Cabinet. New Delhi owns majority stakes in 21 lenders, which account for more than two-thirds of banking assets.
But these banks also account for the lion's share of more than $150 billion in sour assets plaguing the sector, and need billions of dollars in new capital in the next two years to meet global Basel III capital norms.
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