Studycafe | Aug 30, 2019 |
PSU Bank Merger : From 27 PSU banks in 2017, it’s only 12 now in 2019
Finance Minister Nirmala Sitharaman makes some key announcements for the banking sector. 10 public sector banks to be merged into four.Under the scheme of amalgamation, Indian Bank will be merged with Allahabad Bank; PNB, OBC and United Bank to be merged (PNB will be the anchor bank); Union Bank of India, Andhra Bank and Corporate Bank to be merged; and Canara Bank and Syndicate Bank to be merged.
In place of 27 public sector banks in 2017, now there will be 12 public sector banks after the latest round of consolidation of PSU banks.
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