Finance Minister Nirmala Sitharaman announces merger of various PSB Banks

Finance Minister Nirmala Sitharaman on Friday announced merger of 4 Public Sector Banks.

Finance Minister Nirmala Sitharaman says, Canara Bank with (merge) Syndicate Bank, they will be the fourth largest Public Sector Bank with business of ₹15.20 lakh crores.

She also announced merger of Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with business of ₹17.95 Lakh Crore.

Speaking on consolidation of the three public sector banks, Sitharaman said the target bank will be the second largest public sector bank with a business of Rs. 17.95 lakh crore, “1.5 times the size of Punjab National Bank.

Finance Minister Nirmala Sitharaman said, after today's announcement (merger of banks) post consolidation, India will now have 12 Public Sector Banks from 27 Public Sector Banks.

“Canara Bank with (merge) Syndicate Bank, they will be the fourth largest Public Sector Bank with business of ₹15.20 lakh crores.”

Union Bank of India, with Andhra Bank and Corporation Bank shall become the fifth largest public sector bank now, said Sitharaman

“Indian Bank with (merge) Allahabad Bank, they will be the seventh largest Public Sector Bank with business of ₹8.08 lakh crores.”