Ten Indian public sector banks to be merged into four wef from April 1

The proposed merger of the public sector banks would come into effect from Wednesday, April 1. The government of India has put the speculations of postponement of the mergers in wake of the corona pandemic that has stifled the economy in countries across the world. The merger involves ten banks and as the result of it will lead to the reconstitution of four major public sector banks. This consolidation exercise would pave way for six major public sector banks, including the State Bank of India, and an equal number of independent but smaller PSUs.

Here is the round up of the banks that are being merged:

• 1. Punjab National Bank will become the second largest bank after SBI following its merger with Oriental Bank of Commerce and United Bank of India.

• 2. Indian Bank will take over the operations of Allahabad Bank after the merger of two banking institutions.

• 3. Union Bank will be in a merger with Corporation Bank and Andhra Bank

• 4. Syndicate Bank will see its operations merged with Canara Bank