Union Finance Minister Nirmala Sitharaman has announced one of the biggest merger of Public Sector banks (PSU) in the country.
#WATCH live from Delhi: Finance Minister Nirmala Sitharaman addresses the media https://t.co/aoZpd0Cd05
— ANI (@ANI) August 30, 2019
The move is aimed at the union government’s aim to make India a $5 trillion economy.
Finance Minister Nirmala Sitharaman: Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with business of Rs 17.95 Lakh Crore. pic.twitter.com/QhFCMVq2Gn
— ANI (@ANI) August 30, 2019
The number of public sector banks will be reduced to 12 from 27 after the merger.
Finance Minister Nirmala Sitharaman: Canara Bank with (merge) Syndicate Bank, they will be the fourth largest Public Sector Bank with business of Rs 15.20 lakh crores. pic.twitter.com/nRshTrYLxS
— ANI (@ANI) August 30, 2019
The Punjab National Bank, Oriental Bank of Commerce and United Bank of India will be merged to form a new bank with Rs.17.95 lakh crore business and 11,437 branches. This will be the second largest bank in India after the SBI.
Finance Minister Nirmala Sitharaman: Union Bank of India, with Andhra Bank and Corporation Bank shall become the fifth largest public sector bank now. pic.twitter.com/KGZZuaCuEi
— ANI (@ANI) August 30, 2019
Canara Bank will merge with Syndicate Bank to become the fourth largest bank in India with Rs.15.20 lakh crore business.
Finance Minister Nirmala Sitharaman: Indian Bank with (merge) Allahabad Bank, they will be the seventh largest Public Sector Bank with business of Rs 8.08 lakh crores. pic.twitter.com/4cFafOybzH
— ANI (@ANI) August 30, 2019
Union Bank of India, Andhra Bank, and Corporation Bank will merge to become the fifth largest bank in the country with 14.59 lakh crore business.
Finance Minister Nirmala Sitharaman: We shall continue with 2 banks which will have national presence – Bank of India with Rs 9.3 Lakh Crores of business size and Central Bank with Rs 4.68 Lakh Crores of business size. pic.twitter.com/J7lWuujMag
— ANI (@ANI) August 30, 2019
Indian Bank and Allahabad bank will merge to become the seventh largest bank with Rs.8.08 lakh crore rupees.
Finance Minister Nirmala Sitharaman: After today's announcement (merger of banks) post consolidation, India will now have 12 Public Sector Banks from 27 Public Sector Banks. pic.twitter.com/bTTGQva1Cm
— ANI (@ANI) August 30, 2019
Finance Secy Rajeev Kumar: In amalgamation process, no.of banks have been brought down to 12 from 27. There has been no retrenchment so far, there is no chance of retrenchment. The benefits of employment & HR will improve, with amalgamation the best combination will be taken up. pic.twitter.com/LBu1xYAYpr
— ANI (@ANI) August 30, 2019
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