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ndian Foreign Minister S Jaishankar along with Foreign Secretary Vijay Gokhale briefs the media in September on Kashmir and other significant international developments

Mr Kumar said the time was right for PSU banks’ consolidation, which would not cause any disruption in the banking system. He also maintained that 12 state-run banks were the right number. On the likely date from when these mergers would be effective, he said the dates would be fixed later, as first the banks have to take the proposals to their boards for approval. Kumar also allayed any fears of job loss due to the mergers. Earlier while announcing the mergers, Finance Minister Nirmala Sitharaman said the gross NPA level had come down to Rs 7.9 lakh crore in March 2019 from Rs 8.65 lakh crore in December 2018. After recapitalisation of PSBs at different times, the government currently holds 91 per cent to 97 per cent stake in them. Though the Government has been in favour of reducing the stake in the state-run lenders to 51 per cent, it has never been in favour of shedding control on the nationalised banks.