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Mega Consolidation of Public Sector Banks
March 9 , 2020
1592 days
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- The Union Cabinet chaired had approved mega consolidation of 10 Public Sector Banks.
- The mega merger is to come into effect from April 1, 2020.
- It includes amalgamation of United Bank of India and Oriental Bank of India into Punjab National Bank.
- It will make the proposed entity as the second largest public sector bank.
- Also, amalgamation of Syndicate Bank into Canara Bank.
- The Cabinet also approved amalgamation of Corporation Bank and Andhra Bank into Union Bank of India.
- It also approved amalgamation of Allahabad Bank into Indian Bank.
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