By CNBC-TV18 Aug 30, 2019 6:21:43 PM IST (Updated)
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The government announced a mega merger of public sector banks and massive cash infusion, saying these moves were required to strengthen India’s banking system.
The government announced a mega merger of public sector banks and massive cash infusion, saying these moves were required to strengthen India’s banking system.
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With 10 public sector lenders merged into four, India’s public sector banking landscape has undergone a radical change.
In terms of business size, this is how the new pecking order of banks in India will be:
1. State Bank of India: Rs 52.05 lakh crore.
2. Punjab National Bank + Oriental Bank of Commerce + Union Bank of India: Rs 17.94 lakh crore.
3. Bank of Baroda (including Vijaya Bank and Dena Bank): Rs 16.13 lakh crore.
4. Canara Bank + Syndicate Bank: Rs 15.20 lakh crore.
5. Union Bank + Andhra Bank + Corporation Bank: Rs 14.59 lakh crore.
6. Bank of India: Rs 9.03 lakh crore.
7. Indian Bank + Allahabad Bank: Rs 8.08 lakh crore.
8. Central Bank of India: Rs 4.68 lakh crore.
9. Indian Overseas Bank: Rs 3.75 lakh crore.
10. UCO Bank: Rs 3.17 lakh crore.
11. Bank of Maharshtra: Rs 2.34 lakh crore.
12. Punjab & Sind Bank: Rs 1.71 lakh crore.
Figures as of March 2019
First Published: Aug 30, 2019 5:57 PM IST
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