Govt Sets up Arun Jaitley-Panel to Oversee PSU Bank Mergers

The government set up a ministerial panel, led by finance minister Arun Jaitley, to consider and oversee mergers among the country’s 21 state-run banks.

Members of the panel on PSU bank consolidation include railway and coal minister Piyush Goyal, and defence minister Nirmala Sitharaman.
Important Takeaways from Above News for IBPS PO Mains Exam-
  • The State Bank of India merged operations of five of its associate banks and Bharatiya Mahila Bank with itself have marked the first consolidation move in the sector following the bad loan crisis.
  • The merger has reduced the number of state-controlled banks to 21 from 26.
Source- The Hindu Business Line