New Delhi: India’s Finance Minister Nirmala Sitharaman on Friday announced a big consolidation of public sector banks: 10 public sector banks to be merged into four.
Under the scheme of amalgamation, Indian Bank will be merged with Allahabad Bank (anchor bank – Indian Bank); PNB, OBC and United Bank to be merged (PNB will be the anchor bank); Union Bank of India, Andhra Bank and Corporation Bank to be merged (anchor bank – Union Bank of India); and Canara Bank and Syndicate Bank to be merged (anchor bank – Canara Bank).
In place of 27 public sector banks in 2017, now there will be 12 public sector banks after the latest round of consolidation of PSU banks. The consolidation of public sector banks will give them scale, the finance minister said.
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