As per the Banking Regulation Act, the draft scheme of amalgamation is required to be placed before the government for its sanction and the Centre may sanction the scheme without any modifications or with such modifications as it may consider necessary.source https://economictimes.indiatimes.com/industry/banking/finance/banking/pmc-bank-merger-with-unity-small-finance-bank-awaits-govt-approval/articleshow/88932349.cms
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