GUWAHATI: The Finance Minister Nirmala Sitharaman announced on August 30 that 10 public sector banks will be merged into four.
Under the scheme of amalgamation, Indian Bank will be merged with Allahabad Bank; PNB, OBC and United Bank to be merged (PNB will be the anchor bank); Union Bank of India, Andhra Bank and Corporate Bank to be merged; and Canara Bank and Syndicate Bank to be merged.
It is to be mentioned that in place of 27 public sector banks in 2017, now there will be 12 public sector banks after the latest round of consolidation of PSU banks.
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The finance ministry’s department of financial services called a meeting on August 30 with chief executives of 10 public sector banks, including Punjab National Bank, Union Bank, Canara Bank, United Bank of India, Allahabad Bank, Indian Bank, Oriental Bank of Commerce, Syndicate Bank, Corporation Bank and Andhra Bank.
It is to be mentioned that earlier, Union Cabinet chaired by Prime Minister Narendra Modi has approved the scheme of amalgamation for amalgamating Bank of Baroda, Vijaya Bank and Dena Bank, with Bank of Baroda as the transferee bank and Vijaya Bank and Dena Bank as transferor banks.
