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Bank Merger List in India 2020
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 the 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 loans intensity and regional factors.
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.
After this mergers, the country is having a total of 12 public sector banks, including 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.