PNB, Oriental Bank and United Bank to be merged: FM Nirmala Sitharaman - Hindustan Times
close_game
close_game

PNB, Oriental Bank and United Bank to be merged: FM Nirmala Sitharaman

New Delhi | ByPress Trust of India
Aug 30, 2019 06:06 PM IST

In a major development, the government on Friday announced merger of Oriental Bank of Commerce and United Bank with Punjab National Bank.

In a major development, the government on Friday announced merger of Oriental Bank of Commerce and United Bank with Punjab National Bank.

Finance Minister Nirmala Sitharaman(Photo: ANI)
Finance Minister Nirmala Sitharaman(Photo: ANI)

Also, Syndicate Bank will be merged with Canara Bank, while Andhra Bank and Corporation Bank will merged with Union Bank of India.

Hindustan Times - your fastest source for breaking news! Read now.

Besides, Indian Bank will be merged with Allahabad Bank, making it the seventh largest state-owned bank.

These announcements were made by Finance Minister Nirmala Sitharaman.

Bank Mergers

Objective of the mergers, she said is to make them global sized banks.

In January this year, the Union Cabinet had approved merger Dena Bank and Vijaya Bank with Bank of Baroda. The merger came in to effect from April 1.

With these mergers, the number of PSBs will come down to 12 from 27 in 2017.

Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with State Bank of India.

These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bharatiya Mahila Bank effective April 2017.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business Newsalong withGold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, February 22, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On