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Mega Bank Consolidation Plan
March 31 , 2020
1750 days
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- The Reserve Bank of India is to implement a merger plan of 10 state-run banks into 4 larger banks from April 1, 2020.
- The RBI Act empowers the Government of India to make rulings on the functioning of RBI in matters of public interest.
- With this power, the Finance Minister has initiated the amalgamation plan and the plan has been approved by RBI.
About
- According to the plan, the United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank.
- The Syndicate Bank is to be amalgamated with Canara Bank.
- The Allahabad Bank is to be amalgamated with Indian Bank.
- Also, Andhra Bank and Corporation Bank are to be amalgamated with Union Bank of India.
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