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12 State-Run Banks Instead Of 27 In Government’s Mega Mergers

Reserve Bank of India (RBI). (File Photo: IANS)

Finance Minister Nirmala Sitharaman on Friday announced the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank. Speaking on consolidation of the three public sector banks, Ms Sitharaman said the target bank will be the second largest public sector bank with a business of Rs. 17.95 lakh crore, “1.5 times the size of Punjab National Bank”. The government “wants a strong financial system” and the banking reforms will clear the path to make India a $5-trillion economy, the Finance Minister said.
The Finance Minister also announced three other PSU bank amalgamation plans: Canara Bank and Syndicate Bank; Union Bank of India, Andhra Bank and Corporation Bank, and Indian bank with Allahabad Bank.
After the mega PSU bank consolidation drive, there will be 12 public sector banks in the system, as against 27 in 2017, the Finance Minister added.

News Credit – NDTV

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