All You Need To Know Merging of 10 Banks Taking Effect From Today

In the latest news, 10 Public Sector Banks (PSUs) are being culminated into 4. This has so far been the biggest amalgamation drawn by the banking sector, with the decision being implemented in August 2019. This move will bring the figured down to 12 public sector banks in India, with the force being stronger and bigger than before.

So which of these banks come under the merger? Let’s take a look at the list below.

1. The Oriental Bank of Commerce (OBC) will now come under the Punjab National Bank (PNB). This amalgamation will make PNB the second largest PSU in India, after SBI (State Bank of India). OBC and the United Bank of India will now be treated as branches of PNB.
2. The Indian Bank will be a part of the Allahabad Bank.
3. Union Bank will now be a part of the Andhra Bank and Corporation Bank.
4. Syndicate Bank will now be merged into the Canara Bank, which will now make the latter the fourth largest PSU in India.

All customers who have accounts in these banks will now be treated as customers of the new merger. This new merger has been approved by the cabinet and operations will be continued in these ‘4 major mergers’.

Source: LiveMint