"There have been no proposals, at present, to merge any more public sector banks (PSBS)," said the first person mentioned above, speaking on the condition of anonymity.
"We are not aware of any discussions on merging public sector banks or giving up on privatisation," the person added.
Last week, Informist media reported that the government was contemplating a different strategy to strengthen the banking sector, with the finance ministry looking to merge certain state-owned banks if the incumbent Bharatiya Janata Party (BJP) retains power.
India currently has 12 PSBS, down from 27 in 2017, after several mergers were carried out to strengthen some banks.
Before the mergers, the bulk of which were carried out in 2019-
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