PSB merger: Ten PSBs to be merged into 3, announcement soon

By IndianMandarins- 30 Aug 2019


As part of the NDA government's reforms agenda a mega merger plan for several public sector banks (PSB) is afoot and an announcement is just a matter of time now. Reportedly NaMo administration has already consulted the RBI over merger plans.


The Dept. of Financial Services is reported to have convened a meeting of the top executives of ten PSBs which may see merger of Union Bank of India, Canara Bank, PNB, United Bank, OBC, United Bank, Allahabad Bank, Corporation Bank, Syndicate Bank and Andhra Bank into three banks -- PNB, Union Bank & Canara Bank.


It may be mentioned that in NaMo 1.0 5 associate banks and Bharatiya Mahila Bank were merged with SBI in 2017 and Dena Bank, Vijaya Bank were merged with Bank of Baroda April this year.

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