"The issue will now go to the Cabinet. We intend to complete the process by March 31," he said after a meeting of the GoM in New Delhi.

Patel said the merger would not be an overnight affair. The transition period would be spread over one to two years.

The finance ministry has broadly endorsed the issues relating to stamp duty, registration and taxes, he added. Patel also sought to allay fears of employees about job security and other related issues.

"No employee needs to be worried about job loss, transfers or redeployment," he said, adding there was no reason for them to be concerned about their employment conditions, salaries or seniority.

These matters would be looked into by the government, he added.