RBI changes SLBC convenors over merger of 10 PSBs into 4 from April 1

The Reserve Bank on Monday proposed to change the convenors of State Level Bankers' Committee (SLBC) in view of the merger of 10 public sector banks into 4 with effect from April 1.

With the mega merger, 6 public sector banks will cease to exist from April 1, necessitating changes in the convenorship.

The convenorship of merged banks will be transferred to anchor banks.

The government on March 4 notified the amalgamation scheme as part of its consolidation plan to create bigger and stronger banks in the public sector.

As per the scheme, Oriental Bank of Commerce and United Bank of India will be