Immigration Lawyers

NEW
DELHI: Government is considering a proposal for amalgamation of State Depository Financial Institution of India
and State Depository Financial Institution of Saurashtra as the boards and labor unions of the two have got approved
the move. This was stated by
Minister of State for Finance Pawan Kumar Bansal in Rajya Sabha today. The boards of managers of SBI
and State Depository Financial Institution of Saurashtra have got approved amalgamation to "allow economic systems of scale
in footing of network, work force and other resources besides entailing better
management of risks," he said. "The proposal is under
examination of the Government," he added. He said the Government would
not set pressure degree on Banks to unify although the Narasimham commission on banking
sector had recommended consolidation in the banking sector so that Indian banks
are equipped to vie at the planetary level. "Government is of the view
that any proposal for consolidation, by manner of amalgamation etc of one populace sector
bank with another, should emanate from the concerned depository financial institution with Government
playing a supportive role," he said. He said although the country
needs Banks having international criteria to vie at the planetary level,
amalgation must originate from concern irresistible impulses and it is not necessary that all
the Banks merge.