Nirmala Sitharaman

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PSU banks’ merger to come into effect from April 1, says Nirmala Sitharaman

The merger of 10 public sector banks (PSBs) into four will come into effect from April 1, 2020, Finance Minister Nirmala Sitharaman said on Wednesday.

“The Union Cabinet has given its go-ahead for the merger proposal and the government has been in regular touch with these banks,” Sitharaman told reporters here.

There will be no regulatory issues, she added.

“The banks’ merger is on course and decisions have already been taken by the respective bank boards,” the minister said.

Source: CNBC