Kumar said that the merger will help create strong and globally competitive banks with economies of scale and enable realisation of wide-ranging synergies.
Heads of all PSB that are cleared for merger will meet in Mumbai to discuss the best practices banks follow ahead of a merger.
Yechury batted for boosting domestic demand through public investments.
Stating that Indian banks will become bigger, by getting smaller, Finance Minister Nirmala Sitharaman said the number of Public Sector Banks will now be reduced to 12 from 18.
Branch managers are the first-point of contact; hence, new ideas and suggestions from them may actually correct the slack in banks’ credit demand
Currently, the portal gives in-principle approval for loans of up to Rs 1 crore to micro, small and medium enterprises (MSMEs) in just 59 minutes or less than an hour.
The move comes even as the regulator has decided not to push banks for this, considering their poor finances.
PSBs had reviewed issues concerning credit growth, policy framework, gaps in implementation and challenges they face at the branch level
The current round of the bankers' survey presented an improved picture of the changing trend in NPAs.
A total of 23 banks including public sector, private sector, foreign and small finance banks, representing over 67 per cent of the banking industry, participated in the survey.
Private sector has been able to give more credit to agriculture, MSMEs compared to PSBs in the last few years, the report noted.
Ahead of the RBI policy review, Kotak pitched very strongly for a narrowing the real interest rates, which is the differential between the inflation and lending rates.
The Finance Ministry will also seek a roadmap for Rs 70,000 crore capital infusion and passing of rate cuts announced by the RBI.
Das also spoke about the impact of the post-budget initiatives to address the credit crisis being faced by NBFCs and the role that banks can play in mitigating the same.
Jairam Ramesh (Cong) said it was former Prime Minister Indira Gandhi who on July 19, fifty years ago had nationalised 14 private sector banks.