The union government has given the go ahead to amalgamate ten public sector undertaking banks into four. Finance Minister Nirmala Sitharaman making the announcement said that the cabinet has approved the merger proposals and the government is working with these banks.
The mega merger was announced last year in August and as per the plan United Bank of India and Oriental Bank of Commerce will merge with Punjab National Bank, making the new entity the second largest public sector bank. Syndicate Bank will merge with Canara Bank and Allahabad Bank with Indian Bank. Similarly Andhra Bank and Corporation Bank will be merged with Union Bank of India.
