Government announces merger of public sector banks

Mega merger plans for Public Sector Banks – Finance Minister Nirmala Sitharaman on Friday announced merger of public sector banks.

Big banks enhanced capacity to increase credit, Finance Minister Nirmala Sitharaman says in prelude to announcement of new bank mergers.

The Merger Mathematics

Punjab National Bank, Oriental Bank of Commerce, United Bank of India merge to create bank with Rs 17.95 lakh cr business, 11,437 branches.

Punjab National Bank, Oriental Bank of Commerce and United Bank to merge to form India’s second largest bank.

Canara Bank to merge with Syndicate Bank to create fourth largest public sector bank with Rs 15.20 lakh cr business.

Union Bank, Andhra Bank, Corporation Bank to merge to become India’s fifth largest public sector bank with Rs 14.59 lakh cr business.

Bank of India, Central Bank of India will continue as public sector banks.