(a) whether Government have received representations from Industrial Finance
Corporation of India Officers Association requesting for merger of IFCI with IDBI instead
of Punjab National Bank;
(b) if so, the details thereof; and
(c) the reaction of the Government thereto?
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI S.S. PALANIMAN1CKAM):
(a) and (b) Yes, Sir. Government have received representations from Industrial Finance
Corporation of India Officers Association requesting for merger of IFCI with IDBI
instead of Punjab National Bank.
(c) IFCI is a company under the Companies Act, 56 with no direct shareholding of
the Government has also become a company with effect from tober 1, 2004. As such, the
merger of two or more stitutions would have to be considered first by their pective Boards
keeping in view the benefits and tergies of such a proposal.