Merger of Banks Comes into Effect
The merger of 10 public sector undertaking banks into four came into effect from 1st April, 2020. The Cabinet Committee on Economic Affairs (CCEA) had approved consolidation of 10 state-run banks into four on 4th March, 2020.
In 2019, Dena Bank and Vijaya Bank were merged with Bank of Baroda.
Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the State Bank of India.
Key Points
- Oriental Bank of Commerce (OBC) and United Bank of India will be merged into Punjab National Bank (PNB). After the merger, these together will form the second-largest ....
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