Must Read

Merger process of ten banks in advance stage

By IndianMandarins- 17 Dec 2019


Ten banks involved in the merger are understood to be in advanced stages of due diligence with just over three months left to complete the process of consolidation of PSBs. This was announced by finance minister in September.

PNB, Union Bank of India, Canara Bank and Indian Bank will acquire six smaller nationalised banks. Given the amount of the additional provisioning burden that the merger process may entail, it is expected that the upcoming Budget may provide for another round of recapitalization.

In order to estimate the amount of capital required by these banks, which the government may have to pump in, the due diligence process has been put on fast track. Audit and consultancy firm PwC has been appointed by Canara Bank, while Indian Bank has appointed KPMG to conduct due diligence. Deloitte has the mandate from PNB and Union Bank. All banks lined up for consolidation have been asked to meet the December 31 deadline to complete due diligence.

free stat counter, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at We are now planning to branch off into print publication and few other related business initiatives.