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Government plans to consolidate 21 public sector banks to 12

The government is working on a consolidation agenda in a bid to create 3-4 global-sized banks and reduce the number of state-owned lenders to about 12, an official said. The 21 public sector banks would get consolidated to 10-12 in the medium term, the official said.As part of a three-tier structure, the official said, there would be at least 3-4 banks of the size of SBI, the country's largest lender. Some region centric banks like Punjab and Sind Bank and Andhra Bank will continue as independent entities, while some mid-size lenders would also coexist, the official added. Last month, finance minister Arun Jaitley had said the government is "actively working" towards consolidation of public sector banks but declined to provide details, saying this was a price-sensitive information.

News Source:- http://economictimes.indiatimes.com/news/economy/policy/government-plans-to-consolidate-21-public-sector-banks-to-12/articleshow/59628451.cms