Consolidation and restructuring of financial sector

Consolidation and restructuring of financial sector This refers to the article "Time to consolidate old pvt banks" (The Hindu Business Line, March 17). Since independence, in India government and the regulator (RBI) have been periodically reviewing the institutional system in the financial sector and making necessary changes consistent with the needs. Resultantly, different categories of banks and financial institutions came into being during the second half of the last Century. The unmanageable segments and number of multiple institutions are a pre-technology phenomenon. Time is ripe for consolidation and integration of the entire financial sector covering all institutions doing the business of banking without causing hardship to any stakeholders including employees and the customers. M G Warrier Mumbai

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