Finance Minister Nirmala Sitharaman will hold meeting with chief executives of amalgamating banks on Thursday to review preparedness for the merger beginning April 1.
Earlier this month, the Union Cabinet headed by PrimeMinister Narendra Modi approved consolidation of 10 state-owned banks intofour.
According to sources, the finance minister will reviewplanning and preparedness of merging banks on March 12.
The meeting will also review preparedness of delivery ofbanking services and products to customers after the mergers.
It will also discuss business and financial plans, includingcredit and deposits growth, and year-wise synergy realisation after themergers.
The mergers are scheduled to come into effect from April 1.
As per the proposal, Oriental Bank of Commerce (OBC) andUnited Bank of India (UBI) would be merged into Punjab National Bank (PNB). Themove will make PNB India’s second-biggest public sector bank after State Bankof India (SBI).
Syndicate Bank will be merged with Canara Bank, creatingIndia’s fourth-largest public sector bank.
Union Bank of India, Andhra Bank and Corporation Bank willbe merged together to create fifth-largest public sector bank.
Indian Bank and Allahabad Bank will be merged to formIndia’s seventh-largest public sector bank.Last year, Dena Bank and Vijaya Bank were mergedwith Bank of Baroda. Prior to this, the government had merged five associatebanks of SBI and Bharatiya Mahila Bank with SBI.