Banks are unlikely to consolidate by April 7, bank officials said

The deadline for approaching public sector banks is near. At this point, the government announced that it would not be possible for banks to consolidate by April 2 Bank officials Dr. Various approvals for consolidation in the banks are still pending. In this scenario, banks said April 1 that consolidation would be difficult.

They said that even after the approval of the Union Ministry, it would take some more time to finish the work on share ratios, shareholder approval and other commissions.

Further, the Prime Minister’s Office has asked the banks involved in the consolidation of the financial details for the next three to five years. Details of weekly loan, financial capital and debt level were sought.

In this context, it is likely that banks will be more likely to consolidate at the beginning of next financial year. Also, MPs will be given 30 days to review the attachment plan. So the banks, which the central government announced earlier, seem less likely to consolidate on April 1.

In August last year, the federal government announced the integration of ten public sector banks into four banks. The fund also announced the consolidation process and its funding. The consolidation of the banks will be effective from April 1 this year. However, no indication has been found so far. Finance Minister Nirmala Sitharaman recently said there was no response to the bank’s attachment. He said that it was timely and accurate. However, bank officials say that consolidation of the bank is not possible at present.

Steve Austin

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