A government document shared on micro-blogging platform X, formerly known as Twitter, has generated a buzz on the merger of some PSU banks.

The document sought attendance at a meeting next month between a Lok Sabha panel and four state-owned lenders.

It piqued curiosity about a merger of Union Bank of India and Uco Bank.

Speculation also swirled on X about Bank of Maharashtra and Bank of India being in a separate mix.

The source of the social media hum was one of the agenda that was listed in the document — which said there would be a discussion on the rules in a ‘post-merger’ scenario.

However, sensing the confusion, the meeting agenda was altered, with ‘post-merger’ omitted.

A revised version of the document was also seen circulating on X.

The first document said the Lok Sabha panel will be meeting the four PSU banks and the Reserve Bank of India (RBI) next month to study various rules including the ones on mergers & acquisitions (M&A).

The document said the Committee on Subordinate Legislation, Lok Sabha, will visit Mumbai and Goa from January 2-6 for meetings with representatives of Union Bank of India, Uco Bank as well as officials from Bank of Maharashtra and Bank of India.

The document, attributed to Ramesh Yadav, under-secretary to the Government of India, said the committee is undertaking an "on the spot" study visit to Mumbai and
Goa in connection with “examination of rules, regulations, bye-laws...under various Central Legislations as being implemented by the various Central Government Ministries/departments/Organisations, CPSUs, banks at these places’’.

During their stay, the document said, the panel will hold informal meetings with the representatives of Union Bank of India and Uco Bank on rules/regulations framed under the Banking Regulation Act, 1949 and other relevant Acts as applicable to them and the ``regulatory mechanism in a post-merger scenario’’.

It will hold similar meetings with representatives from the Bank of Maharashtra and the Bank of India.

While it led to speculations that there could be a merger of these lenders, banking circles said that it is only a routine study visit.

Any decision about the merger will have to be taken by the Centre which is the majority owner of the lenders.

So far, the Centre has not indicated any fresh plans to merge certain PSU banks, even as the privatisation of IDBI Bank has been delayed.

The revised agenda, however, said the committee will meet these banks to discuss rules framed under the Banking Regulation Act, 1949 and other Acts as applicable to them.

The committee will also meet officials of the RBI to discuss the RBI Act, of 1934.

They will also engage with representatives of the Insurance Regulatory and Development Authority of India, Life Insurance Corporation of India, SBI Life Insurance, Oriental Insurance Company, United India Insurance Company and New India Assurance Company to discuss various rules prevailing under the LIC Act, 1956, Insurance Act, 1938 and the General Insurance Business (Nationalisation) Act, 1972.

The Telegraph could not independently verify the authenticity of these communications.

In 2020, the Centre announced four mergers that shook the banking world:
Syndicate Bank merged with Canara Bank and Allahabad Bank with Indian Bank.

While Andhra Bank and Corporation Bank came under the fold of Union Bank of India, Oriental Bank of Commerce and United Bank of India merged with Punjab National Bank.

Before that in 2017, five associate banks and Bharatiya Mahila Bank were merged with State Bank of India.