Bank Merger List in India 2021 - Summary
The government of India (GoI) has consolidated 10 Public Sector Banks into 4 banks. The announcement of this mega-merger was made by Union Finance Minister Nirmala Sitharaman in 2019.
However, RBI notified it in late March through its circular to merge banks in the new financial year (1st April 2020). As per the finance minister, the merger would help to manage the capital more efficiently. The amalgamation of the PSBs is based on bad loan intensity and regional factors.
Bank Merger List in India, 2020-2021
Punjab National Bank (PNB) will take over the Oriental Bank of Commerce and the United Bank of India as an anchor bank, Canara Bank will take over Syndicate Bank, Union Bank of India will see itself taking over Andhra Bank and Corporation Bank. and Indian Bank will take over the Allahabad bank.
| Acquire Bank | Amalgamated bank | Acquisition Year |
|---|---|---|
| Indian Bank | Allahabad Bank | 1-Apr-20 |
| Punjab National Bank | Oriental Bank of Commerce | 1-Apr-20 |
| Punjab National Bank | United Bank | 1-Apr-20 |
| Union Bank of India | Andhra Bank | 1-Apr-20 |
| Union Bank of India | Corporation Bank | 1-Apr-20 |
| Canara Bank | Syndicate Bank | 1-Apr-20 |
| State Bank of India | State Bank of Bikaner & Jaipur | 31-Mar-17 |
| State Bank of India | State Bank of Hyderabad | 31-Mar-17 |
| State Bank of India | State Bank of Mysore | 31-Mar-17 |
| State Bank of India | State Bank of Patiala | 31-Mar-17 |
| State Bank of India | State Bank of Travancore | 31-Mar-17 |
| State Bank of India | Bharatiya Mahila Bank | 31-Mar-17 |
After this merger, the country is having a total of 12 public sector banks, including the State Bank of India (SBI) and Bank of Baroda (BoB). This will result in seven large public sector banks and five smaller ones. There were as many as 27 PSBs in 2017. Below is list of Nationalized Banks in India 2019 After Merger
- State Bank of India
- Bank of Baroda
- Punjab National Bank
- Canara Bank
- Union Bank of India
- Indian Bank
- Indian Overseas Bank
- UCO Bank
- Bank of Maharashtra
- Punjab and Sind Bank
- Central Bank of India
- Bank of India
Download the Bank Merger List in India 2021 PDF using the link given below.
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