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Cabinet Approves Merger Of 10 Public Sector Banks Into Four


Cabinet Approves Merger Of 10 Public Sector Banks Into Four


According to Union Finance Minister Nirmala Sitharaman, the exercise of consolidation of 10 public sector banks (PSBs) into four is on course and the merger will come into effect from the new financial year 1st April 2020.

As per the plan, PSBs will be merged into:

1. United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank
2. Syndicate Bank will be merged with Canara Bank
3. Allahabad Bank will be amalgamated with Indian Bank
4. Andhra Bank and Corporation Bank will be consolidated with Union Bank of India




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