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Finance Minister announces merger of public sector banks
Economy

Finance Minister announces merger of public sector banks

Agency News

Finance Minister Nirmala Sitharaman on Friday announced merger of public sector banks. Punjab National Bank, Oriental Bank of Commerce, United Bank will marge to create a bank with Rs 17.95 lakh cr business, 11,437 branches. The merger of Punjab National Bank, Oriental Bank of Commerce and United Bank will form India’s second largest bank.

Canara Bank to merge with Syndicate Bank to create fourth largest public sector bank with Rs 15.20 lakh cr business, Finance Minister announces. Union Bank, Andhra Bank, Corporation Bank to merge to become India’s fifth largest public sector bank with Rs 14.59 lakh Cr business. Indian Bank and Allahabad Bank to merge to create seventh largest public sector bank with Rs 8.08 lakh cr business.

But at present, these mergers will not affect Bank of India and Central Bank of India which will continue as public sector banks.