Many banks will be changed from April 1, 10 banks will merge
Finance Minister Nirmala Sitharaman said that the work of merging 10 public sector banks to form four big banks is going on. He said that the merger will come into effect from April 1, 2020. Sitharaman said that the Union Cabinet has approved the merger proposal and the government is in constant touch with the banks concerned. He said that there will be no regulatory issue in it."The bank merger is on track and the board of directors of the concerned banks have already decided," the finance minister told reporters here.
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It is noteworthy that in August last year, the government took a big decision and announced the merger of 10 public sector banks to form four banks. This reduced the number of public sector banks to 12 from 27 in 2017. Under this decision, it is proposed to merge United Bank of India and Oriental Bank of Commerce with Punjab National Bank, Syndicate Bank with Canara Bank, Allahabad Bank with Indian Bank and Andhra Bank and Corporation Bank with Union Bank of India. Last year Dena Bank and Vijaya Bank have been merged with Bank of Baroda.