Merger of 10 public sector banks comes into effect from today

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 Indiawill be merged into Punjab National Bank (PNB). After the merger, thesetogether will form the second-largest public sector bank in the country, afterState Bank of India (SBI).

   

Syndicate Bank will be merged into Canara Bank, which willmake it the fourth-largest public sector lender. Indian Bank will be mergedwith Allahabad Bank.

Union Bank of India will be merged with Andhra Bank andCorporation Bank

After the merger, therewill be 12 PSUs – six merged banks and six independent public sector banks. Sixmerged banks include SBI, Bank of Baroda, Punjab National Bank, Canara Bank,Union Bank of India, Indian Bank. Six independent banks are Indian OverseasBank, 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 willoperate as the branches of the Punjab National Bank from tomorrow (1 April2020).

Syndicate Bank will function as the branch of Canara Bankeffective 1 April 2020.

Similarly, all Allahabad Bank branches will be treated asbranches of the Indian Bank

All branches of Andhra Bank and Corporation Bank willfunction as Union Bank of India branches with effect from 1 April, 2020.

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