The Union Government will support the merger of public sector banks if they met the guidelines of the Reserve Bank of India or RBI and the Securities and Exchange Board of India or SEBI, media report, quoting Finance Minister Pranab Mukherjee on Monday.
Replying in the Lok Sabha to a call-attention motion, he said that the government did not take any steps for the merger as it did not intend to get into routine financial activities. As per the current policy, the government left the initiative on consolidation to the managements of the respective banks, and would play a supportive role as a common share-holder, he said. The question related to the merger of State Bank of Indore in State Bank of India. The minister assured that the interests of the stake-holders, including those employees of merging banks and customers, would be fully protected.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.