Cabinet nod for PSU banks merger

New Delhi (IANS) The Union Cabinet on Wednesday approved PSU bank amalgamation along with a scheme of merger submitted by the merging banks.

Finance Minister Nirmala Sitharaman said on Wednesday that the banks are fully ready for April 1 deadline for merger.

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She said the core banking operations of merging banks will not get affected.

Sitharaman said the government has gone through the Bank of Baroda merger case and it is successful.

She said the merger of banks is to take effect from April 1, 2020.

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