For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

State-Run Banks Trade With Gains As In-Principal Approval For Merger Is Received

After SBI's merger with its subsidiaries, state run banks have received an in principle approval for their merger, which lifted up the banking stocks up in trade today for the second trading session.

|

For the second day in trade, bank shares traded in green taking the BSE Bankex to a high of 27,297, a 1% increase. The move sets in after the banks receive 'in-principle approval ' from the government for an alternative mechanism for getting further in the merger and the consolidation process.

 
Banks Trade With Gains As In-Principal Approval For Merger Is Received

As an alternative process, GoM or Group of Ministers shall be constituted and the banks under consideration shall be provided to these GoM . Also, the merger shall be implemented depending on the regions covered i.e. banks covering similar regions shall be merged. Also, capital adequacy, asset quality and profit adequacy shall also be factored in while deciding on bank merger.

 

In the beginning of the fiscal year, SBI consolidated with its subsidiary companies

PNB, ICIC Bank, Bank of Baroda and State Bank of India were the top gainers in the BSE Bankex while Kotak Mahindra was the only loser in trade today in the index.

Goodreturns.in

Read more about: banks merger bankex consolidation sbi
Story first published: Wednesday, August 23, 2017, 15:20 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X