Indian lawmakers to hold discussions with select banks, insurance companies - govt document

Bank Of India

18/12/2023 01:30

(Repeats, no change to text)
    By Sarita Chaganti Singh and Nikunj Ohri
       Dec 17 (Reuters) - A committee of Indian lawmakers will
hold discussions with four government-owned banks early next
year under banking laws which among other things govern mergers
and acquisitions, according to a government document. 
    The meeting will also include “informal discussions” with
India’s central bank over the law governing its functioning and
regulatory supervision, besides separate deliberations with five
insurance companies over the country’s insurance laws, said the
document.
    Informal discussions will be held with representatives of
UCO Bank  UCBK.NS  and Union Bank of India  UNBK.NS  on January
2, 2024 and between Bank of Maharashtra  BMBK.NS  and Bank of
India  BOI.NS  on January 6, 2024 in western cities of Mumbai
and Goa, said the document issued on Nov. 16.
    It did not specify reasons for the talks. 
    A meeting with Insurance Regulatory and Development
Authority of India, Life Insurance Corporation  LIFI.NS , SBI
Life Insurance  SBIL.NS , National Insurance Co, Oriental
Insurance and the New India Assurance Co  THEE.NS  is also
proposed on Jan. 2.  
    Two Indian finance ministry sources, who spoke on condition 
of anonymity, told Reuters that no proposal to merge the public
sector banks is being considered by the government and that the
discussions were part of ‘routine exercise.’ An email sent to
the country’s federal finance ministry remained unanswered.
    Indian government, in 2019, announced the merger of 10
state-owned banks into four lenders. 
    Government owned banks still account for over 60% of India’s
banking system by assets and deposits.

 (Reporting by Dhwani Pandya; Editing by Michael Perry)
 ((dhwani.p@thomsonreuters.com;))