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Banks' consolidation: FM says only time will tell

Hyderabad, Nov 3: Forcefully advocating consolidation of banks for them to become competitive, Union Finance Minister P Chidambaram today said 'time will tell who is right'.

The need of the hour was 'convergence and consolidation of banks', he said while inaugurating 'Biocon-06', the Indian Banking conclave at the Hyderabad International Convention Centre here.

'It is wrong to think that convergance and consolidation are not forward-looking. Time will tell who is right and who is wrong', he said, making an oblique reference to opposition from trade to consolidation and merger of banks in the country.

The Government's policy had created a level playing field for public sector banks with private banks voluntarily adopting the obligations of PSU banks in an effort to expand to rural areas.

Excess manpower, deficit in banking services in semi-urban and rural areas, extensive unionisation were some problems facing the banking sector, he observed, and called for attitude change among bank employees to serve in rural branches, particularly those excluded from banking services all these years.

UNI

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