Ministers’ panel to be set up to oversee state bank consolidation: Jaitley

NEW DELHI (Reuters) – India’s central cabinet has approved a mechanism to oversee consolidation in the state-run banking sector, Finance Minister Arun Jaitley said on Wednesday.

Jaitley said a ministerial panel will be set up to supervise merger proposals from banks’ boards, adding that the objective of the planned consolidation was to create strong banks.