Panel moots merger of UP co-operative banks to create Rs 35,000 cr entity

The committee's report under consideration of Adityanath government

Amid the ongoing process of consolidation in the domestic public sector banking space, an expert panel has suggested the creation of a single state controlled lender in Uttar Pradesh by merging all the co-operative sector banks in the state.

The proposed UP Co-operative Bank, created after the merger, will comprise more than 1,000 branches with a balance sheet of nearly Rs 35,000 crore, which could even grow to more than Rs 50,000 crore in the next five years with a moderate growth rate of 8 per cent.

Earlier the Adityanath government had formed an expert committee to make recommendations in