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`Consolidation by banks a must'

Special Correspondent

MUMBAI: Finance Minister P. Chidambaram on Friday said consolidation among Indian banks was a necessary, as they had to implement Basel II norms by March 31, 2007. The banking system needs Rs. 42,000 crore by March 31, 2007, to implement the Basel II norms, said Mr. Chidambaram, while addressing Indian Banks' Association's 59th annual general meeting here.

In such a scenario, many weak banks had to merge with strong banks. "Our banking system needs both organic and inorganic growth and I see one or two consolidation'' among Indian banks, Mr. Chidambaram said.

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