Finance minister Nirmala Sitharaman on Friday announced the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank with business of ₹7.95 trillion to make India’s second-largest bank, a week after announcing a slew of measures to boost consumer and investment confidence.
The other merger will be between Canara Bank and Syndicate Bank, which will make the fourth-largest bank, with ₹15.2 trillion business.
Also, Union Bank will be merged with Andhra Bank and Corporation Bank to build India’s fifth-largest public sector bank with ₹14.59 trillion in business.
Indian Bank will be merged with Allahabad Bank to make India’s seventh-largest PSB with a business of ₹8.08 trillion.
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Finance minister Nirmala Sitharaman on Friday announced the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank with business of ₹7.95 trillion to make India’s second-largest bank, a week after announcing a slew of measures to boost consumer and investment confidence. The other merger will be between Canara Bank and Syndicate Bank, which will make the fourth-largest bank, with ₹15.2 trillion business. Also, Union Bank will be merged with Andhra Bank and Corporation Bank to build India’s fifth-largest public sector bank with ₹14.59 trillion in business. Indian Bank will be merged with Allahabad Bank to make India’s seventh-largest PSB with a business of ₹8.08 trillion.
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