Cabinet fast tracks merger of public sector banks New framework approved; mergers by share swaps The Cabinet on Wednesday approvedaframework to speed up mergers of public sector banks, the first of which could take place by March. The mergers will not involve any cash but only share swaps. The government also said there would be no job losses after any of the mergers.PSU bank unions had gone onastrike on Tuesday. The decision lifted banking stocks, but bankers said the decision should not be forced on them. Finance Minister Arun Jaitley made it clear the process would be initiated by the boards of the banks. An official said a number of banks were discussing merger possibilities among themselves.“The government is saying it will not force (mergers). They will leave it to the banks. If the players find it reasonable and profitable, they will work on it," said State Bank of India Chairperson Arundhati Bhattacharya. Business Standard had reported in June that Bank of Baroda and C