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India to set up ministers' panel to oversee state bank consolidation -finmin

NEW DELHI, Aug 23 (Reuters) - India's federal cabinet has approved a mechanism to oversee consolidation in the state-run banking sector, Finance Minister Arun Jaitley said on Wednesday.

Jaitley said a ministerial panel will be set up to supervise merger proposals from banks' boards, adding that the objective of the planned consolidation was to create strong banks. (Reporting by Rajesh Kumar Singh and Devidutta Tripathy; Editing by Richard Borsuk)