The word “merger” was used only once in the recommendations by the committee headed by P J Nayak that reviewed the governance of boards of banks in 2014.
Even former RBI Governor Y V Reddy has been categorical in his assessment on the impact of the move to merge 10 public sector banks (PSBs) into four, when he recently told a television channel: “Merger won’t solve governance issues.” The government while announcing the latest merger plans for PSBs did say the boards of banks shall get more freedom in the selection of independent directors and in ...
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