Nirmala Sitharaman announces major bank merger: 27 PSBs will now become 12

27 PSBs will now become 12

Top Developments

 

1. Oriental Bank of Commerce and United Bank merged with Punjab National Bank
2. Canara Bank and Syndicate Bank merged
3. Union Bank of India, Andhra Bank, Corporation Bank will be merged
4. Indian Bank is being merged with Allahabad Bank
5. Bank of India and Central Bank of India will continue to function as is.
6. A week after announcing a slew of measures to prop up the slowing economy, Finance Minister Nirmala Sitharaman announced the merger of 10 nationalised banks into four entities. This major banking reform will reduce the number of public sector banks to 12 from 27.
7. Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab and Sindh Bank will continue to function in their regional areas, she says.
8. This means there are 12 PSBs in the country to power the Five trillion economy dream, she says.