Government approves merger of 10 PSBs into four

The government approved a scheme for the amalgamation of 10 state-owned banks into four, in the month of March 2020 and announced that the integration will be made effective from April 1, 2020. After this process, India will have 12 Public Sector Banks.

Punjab National Bank, Oriental Bank of Commerce, and United Bank of India will amalgamate to form India’s second largest bank after the State Bank of India. Other groups are Canara Bank- Syndicate Bank, Union Bank of India-Andhra Bank-Corporation Bank and Indian Bank- Allahabad Bank.