At a press conference today at New Delhi, India’s finance Minister Nirmala Sitharaman announced the merger of 10 private sector undertaking banks. These 10 PSU banks now merged to form 4 larger banks.
Here is the list of 10 PSU banks that merged to form 4 Megabanks
Oriental Bank of Commerce and United Bank of India merged into Punjab National Bank to form the second-largest PSU bank in India. That means from today on, PNB will manage all customers of OBC and UBI banks. The merger of these three banks now has a business worth of around Rs 18 Lakh crore.
The second one is the merger of Canara Bank and Syndicate bank. The incorporation of these two banks now has the business worth Rs. 15.20 lakh crore that makes it the 4th largest PSU bank in India.
The third one is the merger of Indian Bank to Allahabad Bank that makes them the seventh-largest PSU bank in India with total business worth Rs 8.08 lakh crore.
Last but not least is the merger of Union Bank of India with Andhra Bank and Corporation Bank to form the fifth largest PSU bank in India.
India now has a total of 12 Public Sector Banks earlier, which was 27 in total.