FM Nirmala Sitharaman Confirms Talks On PSU Bank Merger, Says India Needs Big Banks

Finance Minister Nirmala Sitharaman has confirmed that the government has begun discussions with the Reserve Bank of India and public sector banks on the next round of bank mergers. She said India needs “big and world-class banks” to meet the growing financial needs of the economy. Markets had already been factoring in expectations of a major PSU bank consolidation.