Punjab National Bank, Oriental Bank of Commerce and United Bank of India will be merged into one bank, announces Finance Minister Nirmala Sitharaman.
She said that they shall form the second largest public sector bank with business of Rs 17.95 lakh crore.
Down South, the Canara Bank and Syndicate Bank will be merged into one single entity. The other merger will be of Union Bank of India, Andhra Bank and the Corporation Bank.
Indian Bank will merge with Allahabad Bank and they will be the seventh largest public sector bank with business of Rs 8.08 lakh crores.
With today’s merger of public sector banks, the total of number of PSBs in the country have come down to 12 from 27 in 2017.