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10 public sector banks to be merged
August 31 , 2019
1944 days
1539
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- 10 public sector banks are going to be merged into four.
- Canara Bank and Syndicate Bank are going to be merged.
- Union Bank, Andhra Bank and Corporate Bank are going to be merged.
- Punjab National Bank (PNB), Oriental Bank of Commerce (OBC) and United Bank of India are going to be merged.
- Indian Bank and Allahabad Bank are going to be merged.
- In place of 27 public sector banks in 2017, now there will be only 12 public sector banks.
- The largest of the mergers announced is that of Punjab National Bank with Oriental Bank of Commerce and United Bank.
- The above said amalgamated entity will become the second-largest public sector bank in India, after the State Bank of India.
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