AGARTALA, Dec 10 (TIWN): The real issues of India which are under suppression due to negative politics of the Modi Govt is heading the country towards destruction specially in Economic sector.

The government is open to further consolidation of banks depending on needs, minister of state for finance Anurag Singh Thakur said. Last year, the government had announced the amalgamation of 10 public sector banks into four. This exercise will create six global-sized banks, effective April, and will bring down the number of public sector banks to 12 from 27 in 2017.

“We have successfully done the mergers and recapitalisation of the banks. Insolvency and Bankruptcy Code (IBC) has been successful, which has brought back more than Rs 4 lakh crore to banks. Further consolidation or merger will depend on the need,” Thakur said in an interview.

The government is likely to notify the merger of 10 public sector banks to create four big lenders later this week, as they have completed the groundwork for the same, two people familiar with the development said.

After it is notified, the respective bank boards will meet to give their customary final approval and fix the all-important swap ratio for the mergers.

"We are expecting the government to notify the merger this week," United Bank of India managing director Ashok Kumar Pradhan said.

The banks will need to follow regulatory formalities to protect the interest of minority shareholders.

"Valuation of each of the merging banks has been done on the basis of half-yearly results of the current fiscal year as well as on the future guidance," one person familiar with the matter said.