Modi Sarkar has opened up to massive reforms in the desi banking system. Finance Minister Nirmala Sitharaman made a key statement regarding the merger of banks. The number of public sector banks will be reduced. She said the decision was made to strengthen the banking system.
See which banks are merging ..
✺ Indian Bank to be merged with Allahabad Bank This will create the 7th largest government bank.
నేషనల్ Punjab National Bank (PNB), Oriental Bank of Commerce (OBC) and United Bank to merge PNB oversees the operations of these banks. These are the first banks to merge.
^ Union Bank of India, Andhra Bank and Corporation Bank This will create the 5th largest public sector bank.
✺ Canara Bank and Syndicate Bank are merged. This will form the 4th largest public sector bank.
Go Govt sector banks, which will be 27 in 2017, will decline to 12 in the coming days.
The central government as well as banks will provide capital. Nirmala Sitharaman said the government would give Rs.55000 Crores PNB will get a maximum of Rs 16,000 crore.
The central government has approved the merger of Vijaya Bank, Dena Bank and Bank of Baroda. The merger of these banks is effective from April 1, 2019. The Center has previously merged its five subsidiaries with State Bank of India (SBI).
