The National Democratic Alliance (NDA) government, led by Prime Minister Narendra Modi, in its second stint may not go for a mega merger of public sector banks (PSBs) — a plan which was mooted during recent deliberations on consolidation.
Instead, the government may likely adopt the Bank of Baroda (BoB)-like model to merge two-three banks, people aware of the development said.
Sources said that earlier this month the Reserve Bank of India (RBI) Deputy Governor M K Jain had met Financial Services Secretary Rajiv Kumar and other finance ministry officials in Delhi to discuss the PSB merger plan informally. This was followed