Mega-Merger of PSU Banks
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Mega Merger of PSU Banks |
Now with this mega-merger of Public Sector Banks, the number of Public Sector Banks will come down to 12 from 27. Let's see which bank is amalgamated into which bank.
The collaboration of Banks after mega-merger of PSU Banks
- Oriental Bank of Commerce in short known as OBC and United Bank of India will be merged into Punjab National Bank.
- Syndicate Bank will be merged into Canara Bank.
- Indian Bank will be merged into Allahabad Bank.
- Andhra Bank and Corporation Bank will be merged into Union Bank of India.
Key points in mega-merger of PSU Banks
- After the amalgamation of two PSU banks into Punjab National Bank, this collaboration becomes the second largest Public Sector Bank in India, after State Bank of India.
- Canara Bank now becomes the fourth largest Public Sector Bank in India.
- After this amalgamation in India, there will be 12 PSUs. From these six are merged banks and six are independent Public Sector Banks.
- From 1st of April 2020, Customers including depositors of merging banks will now be treated as customers of the bank in which the banks are merged.
Other mergers before this mega-merger
- State Bank of Saurashtra and State Bank of Indore were merged into State Bank of India on 13 August 2008 and 27 August 2010 respectively.
- Again from 1 April 2017 State Bank of India was merged with State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and Bhartiya Mahila Bank.
- In 2018, Dena Bank and Vijaya Bank were merged into Bank of Baroda.
In India now, six are merged banks and six are independent Public Sector Banks.
Six merged banks are:-
State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Union Bank of India and Indian Bank.
Six Banks that are Independent:-
Bank of India, Punjab and Sind Bank, Uco Bank, Indian Overseas Bank, Central Bank and Bank of Maharashtra.
For more useful information follow this website.
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