- 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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