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India to set up ministers' panel for merger proposals of state owned banks

India's central cabinet has approved a mechanism to oversee consolidation in the state-run banking sector, Finance Minister Arun Jaitley said. The main aim is to create fewer but stronger banks. The move follows the merger of State Bank of India (SBI) with its five associate banks and Bharatiya Mahila Bank (BMB) in April. PM Modi will decide who all will be there in the ministerial panel.