Finance Minister P. Chidambaram is right when he says Indian banks should not fight shy of consolidation because we need global-sized banks to take on the might of foreign competition, both in our home turf as well as abroad. And this is not the first time he has made this suggestion. But one wonders why he has not impressed upon his own Government to kick-start the process of consolidation by starting off with public sector banks (PSB). What is the big difference, after all, between Punjab National Bank, for example, and Canara Bank, given that both are substantially owned by the Central Government?.......
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