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Why 10 Public-Sector Banks Are Merging? Which Banks Are Merging Together? Here are full details:

  • After the merger, the country will have 12 public sectors including State Bank of India and Bank of Baroda.
  • Bank of India and Central Bank will continue to be independent.

The government on Friday unveiled a mega plan to merge 10 public sector banks into 4 as part of plans to create fewer and stronger global sized lenders as it looks to boost economic growth from 6-year ago

Finance Minister Nirmala Sitaraman announced 4 new sets of mergers Punjab National Bank, Oriental Bank of Commerce, and United Bank of India will combine to form the nation’s second-largest lender; Canara Bank and Syndicate Bank will merge; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank and Indian bank will merge with Allahabad Bank.

Post the merger here are 6 banks that will remain independent

  • Indian Overseas Bank
  • Uco Bank
  • Bank of Maharashtra
  • Punjab and Sindh Bank
  • Bank of India
  • Central Bank of India

Oriental Bank of Commerce and United Bank merger will merge into PNB to create a bank with Rs 17.95 lakh crore business and 11,437 branches.

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