Merger of 10 Public Sector Banks into Four

  • The Ministry of Finance has declared to merge 10 public sector banks into four.
  • Indian Bank will be merged with Allahabad Bank (anchor bank - Indian Bank)
  • PNB, OBC and United Bank to be merged (PNB will be the anchor bank)
  • Union Bank of India, Andhra Bank and Corporation Bank to be merged (anchor bank - Union Bank of India)
  • Canara Bank and Syndicate Bank to be merged (anchor bank - Canara Bank).
  • After the mergers, the country will have 12 public sector banks, including SBI and Bank of Baroda. Also, Indian Overseas Bank, Uco Bank, Bank of Maharashtra, and Punjab and Sind Bank, which ....
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