End of uncertainty

More than consolidation, PSBs need real reforms

The Union Cabinet’s decision on Wednesday to clear the merger of 10 public-sector banks (PSBs) into four ends the prolonged uncertainty over the exercise. Speculation over a possible delay in the merger date arose after the Cabinet didn’t approve the scheme in the three meetings held last month even though it was announced by the finance minister on August 30 last year. Bankers involved in the process were concerned as after the notification, it would usually take 40-45 days for the entities to complete the due processes. Work will now have to be fast-tracked as there is less than a