Giving shape to the financial consolidation, Finance Minister Nirmala Sitaraman announced the merger of major public sector banks
Giving shape to the financial consolidation, Finance Minister Nirmala Sitaraman announced the merger of major public sector banks
As per the announcement the Punjab National Bank, Oriental Bank of Commerce, United Bank merger would be effected. This merger would give birth to the India’s second-largest bank with 11437 branches spread across the nation.
"The Canara Bank would be merged with Syndicate Bank to create the fourth-largest public sector bank with Rs 15.20 lakh crore business” the Finance Minister said
Furthermore, Union Bank, Andhra Bank, Corporation Bank to be merged to become India’s fifth largest public sector bank.
“Indian Bank would be merged with the Allahabad Bank to create seventh-largest public sector bank with Rs 8.08 lakh crore business” Nirmala Sitaraman noted.
However Bank of India and Central Bank of India would continue to function as public sector banks.
“The merger would not affect the employees of the said banks in any manner” the Finance minister noted
As per the announcement the Punjab National Bank, Oriental Bank of Commerce, United Bank merger would be effected. This merger would give birth to the India’s second-largest bank with 11437 branches spread across the nation.
"The Canara Bank would be merged with Syndicate Bank to create the fourth-largest public sector bank with Rs 15.20 lakh crore business” the Finance Minister said
Furthermore, Union Bank, Andhra Bank, Corporation Bank to be merged to become India’s fifth largest public sector bank.
“Indian Bank would be merged with the Allahabad Bank to create seventh-largest public sector bank with Rs 8.08 lakh crore business” Nirmala Sitaraman noted.
However Bank of India and Central Bank of India would continue to function as public sector banks.
“The merger would not affect the employees of the said banks in any manner” the Finance minister noted