INDIA announced a series of mergers involving 10 state-owned banks on Friday, as it moves to strengthen a sector struggling under a mountain of debt and to ensure stronger balance sheets to boost lending and revive economic growth. Read more at The Business Times.
India's finance minister Nirmala Sitharaman said the slew of mergers would leave 12 banks operating.INDIA announced a series of mergers involving 10 state-owned banks on Friday, as it moves to strengthen a sector struggling under a mountain of debt and to ensure stronger balance sheets to boost lending and revive economic growth.
The government also announced that two lenders based in southern India, Canara Bank and Syndicate Bank, would be amalgamated. Siddharth Purohit, a research analyst at SMC Institutional Equities, said:"The mergers have been done selectively to ensure that the stronger banks are not impacted due to the weaker banks in the merger process."
Ms Sitharaman also provided details of the government's latest cash infusion into the state-run lenders.
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