Amalgamation of 10 public sector banks likely to take place on April 1

The finance ministry has agreed to a request from 10 public sector banks (PSBs) for implementing the mergers from April 1 next year.

The decision was taken in a meeting of 10 PSBs, who are part of the latest merger process, with finance ministry officials in Mumbai on Wednesday.

“The Department of Financial Services was insisting on setting January 1 as the deadline. But the banks apprised the officials about the challenges related to the merger that the banks have to deal with, especially human resources and information technology. So, April 1 has been set as the deadline for merger,” said a