Govt plans to reduce number of public sector banks to 10-15
The government is planning to reduce the number of state-run banks to 10-15 through a series of mergers and acquisitions so that no bank becomes too-big-to-fail. "Consolidation will not be taken too far to four or five as speculated since the whole system breaks down even if one fails," Sanjeev Sanyal, Principal Economic Adviser at the Finance Ministry stated.