The deadline for the mega-merger of 10 public sector banks is April 1. This date has now come to a close. At the moment, looking at the preparations so far, it seems that this deadline can be carried forward. Many types of regulatory approval are like the biggest obstacle in the way of timely completion of this Mahavilaya. On the other hand, if an official of the bank is to be believed, even after cabinet approval, this merger plan will need 30-45 days to execute.

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PMO has sought details from banks
He told that it may take time to decide the exchange formula of the shares, getting the green signal from the shareholders and other regulatory approvals. According to the official, it is understood that the Prime Minister's Office has sought information related to the financial target of the next 3 to 5 years from these banks. Accordingly, the PMO has asked for details like NPA, capital requirement, loan growth and other types from these banks. A senior official of a public sector bank said that in view of these things, the completion of the merger process of these banks in the beginning of next financial year seems a bit far from reality.

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Merger plan will be put in parliament
Along with the approval from the regulator, the merger plan will have to be kept in Parliament for 30 days so that MPs can study this scheme. The second part of the budget session is scheduled to begin on March 2.

The announcement was made in August, 2019
In August last year, the government announced the merger of 10 public sector banks to form four large banks. According to this plan, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank. It will form the second-largest public sector bank in the country. Similarly, Syndicate Bank will be merged with Canara Bank. Allahabad Bank will merge with Indian Bank. On the other hand, Andhra Bank and Corporation Bank can be merged with Union Bank of India.

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