10 public sector banks to be merged into four
In a press briefing today, finance minister announced that Punjab National Bank (PNB), Oriental Bank of Commerce (OBC) and United Bank of India will be merged. The combined entity will be second largest PSU bank in India with business of Rs 17.94 lakh crore and 11,437 branches.
Canara bank and Syndicate Bank will be merged. The entity will be fourth largest public sector bank with business of Rs 15.20 lakh crore.
Union Bank of India, Andhra Bank and Corporation Bank will be merged. The entity will be fifth largest public sector bank with business of Rs 14.59 lakh crore.
Indian Bank and Allahabad will be merged. The entity will be seventh largest public sector bank with business of Rs 8.08 lakh crore.
In place of fragmented lending capacity with 27 public sector banks in 2017, now there will be 12 public sector banks post the latest round of consolidation of PSU banks. The consolidation of public sector banks will give them scale, FM said.
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