Chennai, Aug 30: Sundaram Home Finance MD Srinivas Acharya on Friday welcomed the Centre's banking merger move and termed it as consolidation of PSBs.
In a statement here, he said, ''I will call it consolidation of PSBs''.
''This is a welcome step for the Government as a primary owner of the banks'', he added.
''This will avoid overlapping interests and fighting for the same pie’’; he said and added that, besides, there was duplication of efforts and needless competition.
''There are many places where PSU Banks have branches side by side. This also led to possible frauds,'' he added.
''Consolidating 27 PSBs into 12 is, therefore, a welcome step. It has not come a day too soon...There will, of course, be further consolidation going forward'', he said. (UNI)