Political News

Centre announces mega merger of PSBs to make them global sized banks

The Union government on Friday announced four major mergers of public sector banks. The movie, aimed at making state-owned lenders global sized banks, will bring down their total number to 12 from 27 in 2017.

Speaking to the media in New Delhi, Finance Minister Nirmala Sitharaman said Syndicate Bank will be merged with Canara Bank, while Allahabad Bank will be amalgamated with Indian Bank.

United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB). Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.

This announcement comes a week after she had announced that the Rs 70,000 crore capital infusion for PSBs for the current fiscal would be front-loaded.

Financial Services Secretary Rajiv Kumar said there was no retrenchment in the past consolidations, including of SBI, and service conditions of employees improved. “Employees will only benefit with the mergers,” he stated.

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