The union government is aiming at merging more public sector banks. After the successful merging of Vijay bank and Dena bank with Bank of Baroda, the government aims of merging together other 3 nationalized banks. The government is thinking to merge Punjab National Bank(PNB), Union Bank of India(UBI) and Bank of India (BOI) together.
Reports say that the finance ministry has initiated the initial steps for the merging. The process will be finished by the third quarter of this financial year.
The union bank started the process to merge Vijay, Dena banks with the bank of Baroda in last October. The merger was carried out on April 1, this year.
PNB and UBI are working under strict directives of RBI.
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