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Given what we have been hearing in the recent past, we are probably not far from some announcements about mergers in the PSU banking space. The government appears clear that India needs banks which are of global size. However, unlike in the past, where mergers were executed between weak and strong banks, this time it is more likely to be on the basis of their strengths in particular areas. But there is a difference between a global bank and a global-sized bank. India will probably first focus on a global-sized bank rather than a global bank.