Megamerger of Public Sector Banks in India, Now only 12 PSB's in India - 11th Bipartite Wage Revision - Latest News

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Friday, 30 August 2019

Megamerger of Public Sector Banks in India, Now only 12 PSB's in India

Finance Minister Nirmala Sitharaman today announced a big consolidation of public sector banks

Indian Bank to 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; 

Canara Bank and Syndicate Bank to be merged. 


In place of fragmented lending capacity with 27 public sector banks in 2017, now there will be 12 public sector banks post the latest round of consolidation of PSU banks. 

The consolidation of public sector banks will give them scale, the finance minister said. 

Last year, the government had approved the merger of Vijaya Bank and Dena Bank with Bank of Baroda (BoB) that has become effective from April 1, 2019. 

In 2017, the State Bank of India absorbed five of its associates and the Bharatiya Mahila Bank.

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