The 21-day nationwide lockdown to deal with the corona virus will not affect the merger process of the country’s 10 major state-run banks and the merger of the banks will take effect from April 1.
Four banks will be formed by merging 10 banks
Under this merger process, 10 public banks are being merged to form four banks. In this way the total number of public sector banks will be reduced from 27 to 12. Oriental Bank of Commerce and United Bank will be merged with Punjab National Bank. Canara Bank and Syndicate Bank are merged to form a bank. Union Bank, Andhra Bank and Corporation Bank are merging. Similarly, merger of Indian Bank with Allahabad Bank
Which public sector banks are going to merge?
Public Sector Banks (Government Shareholding %, as of 1st April, 2019)
- Bank of Baroda (63.74%)
- Bank of India (87.0535%)
- Bank of Maharashtra (87.01%)
- Central Bank of India (88.02%)
- Indian Overseas Bank (91%)
- Punjab & Sind Bank (79.62%)
- State Bank of India (61.00%)
- UCO Bank (93.29%)
Which are the banks merged recently?
Which 10 banks are merging?
Being merged (Operational from 1st Apr ’20)
- Canara Bank (72.55%) – Syndicate Bank (81.23%)
- Indian Bank (81.73%) – Allahabad Bank (79.41%)
- Punjab National Bank (70.22%) – Oriental Bank of Commerce
(77.23%) – United Bank of India (92.25%)
- Union Bank of India (67.43%) – Andhra Bank (84.83%) – Corporation