To facilitate consolidation in the public sector banking space, the Cabinet in August gave in-principle approval for PSBs to amalgamate through an Alternative Mechanism (AM). 

Subsequently in November, a panel under the chairmanship of Finance Minister Arun Jaitley was set up to examine proposals from banks for in-principle approval to formulate schemes of amalgamation 

“Several States have reported back that insurers have a cumbersome process that involves inspection of the vehicle concerned and that vehicle owners have complained that it is not an easy process to obtain insurance,’’ said IRDAI

The Indian insurance industry is witnessing growth and is projected to have great times in the years to come. This offers immense scope for consolidation as some promoters may look at exiting non-core businesses and existing large insurers desire to achieve scale and bring in better synergies to pass on the cost efficiencies to customers and shareholders, he said.