FinMin revises letter, scotches PSU bank merger speculation

The Union finance ministry has rectified the agenda of a parliamentary committee meeting scheduled for early next year, putting an end to speculation of a potential merger of public sector banks-UCO Bank with Union Bank of India, and Bank of India with Bank of Maharashtra.

- Gopika Gopakumar

In a letter addressed to, among others, the bank chiefs of the four PSU banks and Reserve Bank of India governor on Thursday, the finance ministry said that the members of the parliamentary committee would hold informal discussions with UCO Bank and Union Bank, besides Bank of India and Bank of Maharashtra, over the "regulatory mechanism in post-merger scenario."