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RBI approves amalgamation of 10 public sector banks from April 1

RBI approves amalgamation of 10 public sector banks from April 1

RBI approves amalgamation of 10 public sector banks from April 1
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By CNBC-TV18 Mar 30, 2020 7:04:13 AM IST (Updated)

The Reserve Bank of India on Saturday said it has approved the amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank, Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India and Allahabad Bank into Indian Bank.

The Reserve Bank of India on Saturday said it has approved the amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank, Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India and Allahabad Bank into Indian Bank.

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The scheme will come into force with effect from April 1, 2020 and all the branches of Oriental Bank of Commerce and United Bank of India will function as branches of PNB branches; Syndicate Bank branches into Canara Bank branches; Andhra Bank and Corporation Bank branches into Union Bank of India branches and Allahabad Bank branches into Indian Bank branches.
Following the consolidation, there will be seven large public sector banks and five smaller ones. There were as many as 27 PSBs in 2017.
The merger would result in creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore.
The anchor bank Punjab National Bank will become the country's second largest bank, with business size of Rs 17.94 lakh crore, after SBI which has business of over Rs 52 lakh crore.
Bank of Baroda will become the third largest bank, followed by Canara Bank, Union Bank of India, Bank of India, and Indian Bank. The other PSBs are Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra, and Punjab and Sind Bank.
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