NEW DELHI : Notwithstanding the 21-day coronavirus lockdown, the Reserve Bank of India (RBI) has decided to go ahead with the merger plan of ten state-run banks into four larger bank from April 1.
The apex bank has issued four separate releases announcing that the branches of merging banks will operate as of the banks in which these have been amalgamated from next month.
RBI's statement comes after Finance Minister Nirmala Sitharaman's clarification on Thursday that the mega bank consolidation plan was very much on track and would take effect from April 1.
The government on March 4 had notified the amalgamation schemes for 10 state owned banks into four as part of its consolidation plan to create bigger size stronger banks in the public