Finance Minister announces merger of public sector banks
New Delhi: Finance Minister Nirmala Sitharaman said in prelude to announcement of new public sector bank mergers that big banks enhanced capacity to increase credit.
Punjab National Bank, Oriental Bank of Commerce and United Bank will be merged to form India's second largest bank. PNB, Oriental Bank of Commerce, United Bank merger will create a bank with Rs 17.95 lakh crore business and 11,437 branches.
Canara Bank will be merged with Syndicate Bank to create fourth largest public sector bank with Rs 15.20 lakh crore business. Union Bank, Andhra Bank and Corporation Bank will merge to become India's 5th largest public sector bank with Rs 14.59 lakh crore business.
Indian Bank and Allahabad Bank to merge to create 7th largest public sector bank with Rs 8.08 lakh crore business. Bank of India, Central Bank of India will continue as public sector banks.