From April 1, 10 public sector banks in the country will be decreased to four. The apex bank of India,Reserve Bank of India (RBI) has decided to go ahead with the mega merger plan announced by the union government.
The union government has announced the mega merger of banks on August 2019. After this the number of public sector banks in the country will be reduced to 12 from 27.
As per the scheme, Oriental Bank of Commerce and United Bank of India will be merged into Punjab National Bank. After this PNB will become the second largest bank in the country after SBI.
Syndicate Bank will be merged into Canara Bank. Canara Bank will become the fourth largest bank in the country.
Allahabad Bank will merge into Indian Bank and Andhra Bank and Corporation Bank will merge into Union Bank of India.
Customers, including depositors of merging banks will be treated as customers of the banks in which these banks have been merged with effect from April 1, 2020 said RBI.
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