To reform the public sector banking space, the government of India has constituted a ministerial-led panel to inspect the merger proposals of state-owned banks.
- The panel will be headed by Finance Minister Arun Jaitley.
- The decision is taken to fast-track the consolidation among public sector banks to build strong leaders.
- In August 2017, the government decided to set up an Alternate Mechanism to speed up the public sector bank consolidation.
- The government announced the 2.11 lakh crore capital infusion roadmap for the public sector banks (PSBs) last week and this is accompanied by a series of banking reforms over the next few months.
- Railway and Coal Minister Piyush Goyal and Defence Minister Nirmala Sitharaman are the members of the panel.
