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Earlier this month the cabinet gave the go-ahead for the mergers that will amalgamate operations of 10 public sector banks (PSBs) into four 'mega banks'.
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(1) Oriental Bank of Commerce (OBC) and United Bank of India will be merged into Punjab National Bank (PNB). After the merger, these two lenders will form the second-largest public sector bank in the country, after State Bank of India (SBI).
(2) Syndicate Bank will now be a part of Canara Bank, which will make it the fourth-largest public sector lender.
(3) Indian Bank will be amalgamated with Allahabad Bank.
(4) Union Bank of India will be merged with Andhra Bank and Corporation Bank.
(5) Customers, including depositors of merging lenders will be treated as customers of the banks in which these banks have been amalgamated with effect from 1 April 2020.
(6) Post the merger, there will be 12 Public Sector Banks, six merged banks and six independent public sector banks.
7) The Oriental Bank of Commerce and United Bank of India will now be operating as the branches of the Punjab National Bank from tomorrow (1 April 2020).
8) Syndicate Bank will function as the branch of Canara Bank effective 1 April 2020.
9) Similarly, all Allahabad Bank branches will be now treated as branches of the Indian Bank.
10) All branches of Andhra Bank and Corporation Bank will function as Union Bank of India branches with effect from today i.e. 1 April, 2020.
Earlier this month the cabinet gave the go-ahead for the mergers that will amalgamate operations of 10 public sector banks (PSBs) into four ‘mega banks.
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