Bank mergers to benefit sector, end duplication of resources: Dena Bank CMD

Centre aims to gradually build up 4-5 PSBs of SBI's size through consolidation

Amid talks of consolidation gaining currency in the Indian banking space, public sector lender Dena Bank's Chairman and Managing Director (CMD) Ashwani Kumar has said the proposed move would bring about several benefits.

Without commenting on whether Dena Bank was also on the block for a merger with a bigger lender, Kumar said that consolidation would curb the duplication of resources in the public sector banking space.

"For example, we currently have instances of branches of multiple banks operating out of a single building and pursuing the same set of clients. Consolidation would check this phenomenon so that their resources