Present 10 Public sector Banks reduce to 4! Banks merger today!
Posted on: 02/Apr/2020 5:42:22 PM
There were 27 Public Sector Banks in India in the year 2017. With the latest merger, being carried out today, the total number of public sector banks has reduced to 12!
The central government has been undertaking the policy of merging banks in order to bring down the number of public sector banks in the country.
As the 2nd Phase of this merger sequence, 10 public sector banks are being merged with 4 larger banks from today (Thursday, 2nd April).
Though lockdown/curfew is under imposition throughout the country, the merger of the banks will be effective from today (2nd April) as planned.
- Oriental Bank of Commerce and United Bank of India are merging with Punjab National Bank. With this, Punjab National Bank will become the 2nd largest public sector bank in the country!
- Syndicate Bank merges with Canara Bank.
- Allahabad Bank will merge with Indian Bank.
- Andhra Bank and Corporation Bank will merge with Union Bank of India.
With this merger, there would be just 12 public sector banks in the country
State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Union Bank of India, Indian Bank (banks with merge operations) and the independent banks - Indian Overseas Bank, UCO Bank, Bank of Maharashtra, Punjab and Sind Bank, Bank of India, and Central Bank of India.
As lockdown is in imposition in this period, the bank circles inform that the banks have decided to perform this merger event through video conference.
