New Delhi/UNI: Six public sector banks will go down in the pages of history with effect from April 1 after ten PSBs merge into four from April 1, 2020 to help meet the needs of the growing economy and create large banks globally.
The banks which will be absorbed from April 1 include Allahabad Bank, Corporation Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce and United Bank of India.
After one of the biggest consolidation exercises in the finance sector in India, the number of public sector banks in the country will come down to 12.
The Reserve Bank has also issued notification regarding merger of banks. Under this, Allahabad Bank will be merged with Indian Bank and Corporation Bank and Andhra Bank with Union Bank of India from April 1.
Allahabad Bank branches will work as Indian Bank branches. Similarly, branches of Corporation Bank and Andhra Bank will also work as Union Bank branches.
The branches of Union Bank of India and Oriental Bank of Commerce will function as branches of Punjab National Bank while the branches of Syndicate Bank will become those of Canara Bank.
In this way, merger of 10 banks in the country will become effective.
PNB will become the second largest bank in the country after the merger. State Bank of India is the largest bank. Bank of Baroda will come at number three. Canara Bank will be the fourth major bank while Union Bank will become the fifth largest bank.
The RBI on Saturday notified the merger which was brought into effect through a government notification earlier this month.
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