Ten Public Sector Undertaking (PSU) banks will be amalgamated into four banks from tomorrow, 1 April.
Oriental Bank of Commerce (OBC) and United Bank of India will be merged into Punjab National Bank (PNB). After the merger, these together will form the second-largest public sector bank in the country, after State Bank of India (SBI).
Syndicate Bank will be merged into Canara Bank, which will make it the fourth-largest public sector lender. Indian Bank will be merged with Allahabad Bank.
Union Bank of India will be merged with Andhra Bank and Corporation Bank
After the merger, there will be 12 PSUs – six merged banks and six independent public sector banks. Six merged banks include SBI, Bank of Baroda, Punjab National Bank, Canara Bank, Union Bank of India, Indian Bank. Six independent banks are Indian Overseas Bank, Uco Bank, Bank of Maharashtra, Punjab and Sind Bank, Bank of India, Central Bank of India.
The Oriental Bank of Commerce and United Bank of India will operate as the branches of the Punjab National Bank from tomorrow (1 April 2020).
Syndicate Bank will function as the branch of Canara Bank effective 1 April 2020.
Similarly, all Allahabad Bank branches will be treated as branches of the Indian Bank
All branches of Andhra Bank and Corporation Bank will function as Union Bank of India branches with effect from 1 April, 2020.