Former chairman of Axis Bank P J Nayak, who headed a government panel on banking reforms, has criticised government's move to consolidate state-run banks which are facing serious asset quality issues, saying it will only lead to bigger weaker banks.
As a multi-agency probe continues in the alleged forex-based black money case involving thousands of crores of rupees, capital markets regulator Sebi and stock exchanges have now begun a scrutiny of several banks for any violation of the disclosure norms for listed firms.
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