Business Other News 01 Jul 2016 PSU banks’ merger ...

PSU banks’ merger isn’t great: Ruchir Sharma

PTI
Published Jul 1, 2016, 4:33 am IST
Updated Jul 1, 2016, 4:33 am IST
It will further slow down privatisation of PSU banks.
Morgan Stanley’s chief global strategist Ruchir Sharma
 Morgan Stanley’s chief global strategist Ruchir Sharma

New Delhi: Stressing that India’s public sector units are ‘far too bloated’, Morgan Stanley’s chief global strategist Ruchir Sharma said that the government’s proposal to consolidate state-run lenders is not a meaningful reform.

“I think consolidation of banks is not a meaningful reform, it will further slow down privatisation of PSU banks... The government is too scared to deal with privatisation. That’s why it is going for consolidation of banks,” Mr Sharma, said.

 

The government is considering consolidation of public sector banks (PSBs) to streng-then the banking system. Following this, State Bank of India has started the process of merging its five associate banks and Mahila Bank with itself.

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