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Govt announces mega-merger of state-run banks: Here is everything you need to know about new PSBs

Sitharaman announced that 10 state-run banks will be merged into four larger banks.

DNA Web Team | Aug 30, 2019, 05:43 PM IST

1.'PSBs For $5Trillion Economy'

'PSBs For $5Trillion Economy'

1

After the consolidation of these banks, India will now have 12 Public Sector Banks from 27 Public Sector Banks (PSBs) in 2017.

2.PNB+OBC+UB

PNB+OBC+UB

2

Sitharaman said Punjab National Bank, Oriental Bank of Commerce and United Bank will be merged to form the second-largest public sector bank with the business of Rs 17.95 lakh crore.

3.PNB+OBC+UB: Key Features of new PSB

PNB+OBC+UB: Key Features of new PSB

3

"Consolidated PNB+OBC+United Bank to be 2nd largest PSB with Rs 18 lakh cr business and 2nd largest branch network in India. Scale, nationwide & global presence, and high CASA to drive growth," Finance Secretary Rajeev Kumar said in a tweet.

4.Canara Bank+Syndicate Bank

Canara Bank+Syndicate Bank

4

Canara Bank will be merged with Syndicate Bank to form the fourth largest Public Sector Bank with a business of Rs 15.20 lakh crore.

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5.Canara Bank+Syndicate Bank: Key Features of new PSB

Canara Bank+Syndicate Bank: Key Features of new PSB

5

"Consolidated Canara+Syndicate to be 4th largest PSB with Rs 15.2 lakh crore business 3rd largest branch network in India. Synergies, culture & common CBS platform to enable quick realisation of operational gains & enhanced lending capacity," Kumar tweeted.

6.UBI+Andhra+Corporation

UBI+Andhra+Corporation

6

Union Bank of India will be merged with Andhra Bank and Corporation Bank to become the fifth-largest public sector bank now, Sitharaman said.

7.UBI+Andhra+Corporation: Key Features of new PSB

UBI+Andhra+Corporation: Key Features of new PSB

7

"Consolidated Union+Andhra+Corporation Banks to be 5th largest PSB with Rs 14.6 lakh crore business & 4th largest branch network in India. Strong scale benefits to all 3 with biz becoming 2 to 4½ times that of individual bank," Kumar said.

8.Indian Bank+Allahabad Bank

Indian Bank+Allahabad Bank

8

Indian Bank will merge with Allahabad Bank to form the seventh-largest Public Sector Bank with a business of Rs 8.08 lakh crore.

9.Indian Bank+Allahabad Bank: Key Features of new PSB

Indian Bank+Allahabad Bank: Key Features of new PSB

9

"Consolidated Indian & Allahabad Banks to be 7th largest PSB with Rs 8.08 lakh cr. business. Strong scale benefits to both with business doubling. High CASA & lending capacity combined in consolidated bank," Rajeev Kumar said.

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