The number of public sector banks in India will be reduced to 12.
Finance Minister Nirmala Sitharaman has made many important announcements to boost the country’s economy. It mentions the work done to prevent scams such as the profitability of government banks, loan recovery levels and Nirav Modi.
Apart from this, Oriental Bank and United Bank will be merged with Punjab National Bank. With the merger of 6 out of 18 government banks, there will now be only 12 government banks.
It was widely speculated that the government may defer the consolidation exercise for some time due to the novel corona-virus pandemic that has impacted our economy.
The Final Four Banks Are :
1. Panjab National Bank
As per the announcement made by the Government of India, the three Banks viz. Punjab National Bank , Orient Bank of Commerce and United Bank of India are going to be amalgamated to form one of the largest Nationalised Banks in the country.
Orient Bank of Commerce and United Bank of India will merge with Punjab National Bank. After the merger, it will become the second largest bank in the country with 17.95 lakh crore business and 11,437 branches.
2. Syndicate bank
Canara Bank merger with Syndicate bank.
After merger of both, it will become the fourth largest public sector bank. Its capital will be Rs 15.20 lakh crore. It will have 10,324 branches in the country.
3. Union Bank Of India
The government on March 4 notified the amalgamation scheme as part of its consolidation plan to create bigger and stronger banks in the public sector. As per the scheme, Oriental Bank of Commerce and United Bank of India will be merged into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Allahabad Bank into Indian Bank; and Andhra Bank and Corporation Bank into Union Bank of India.
4. Indian Bank
On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Allahabad Bank would be merged with Indian Bank. … The Union Cabinet approved the merger on 4 March 2020. Indian Bank assumed control of Allahabad Bank on 1 April 2020.
Indian banks and Allahabad bank will merge. Its trading capital will be Rs 8.08 lakh crore.
Finance minister’s 10 Important Announcement …
- Three lakh bogus companies have been closed.
- Beginning of the basic interest rate on repo-rate of eight government banks till date.
- Indian Bank and Allahabad Bank will be merged.
- Over 250 crore loans will be monitored, for that the agency will be made.
- More loan plans in less time
- Proceedings on the property of the runaway (i.e. Nirav Modi) will continue.
- The number of government banks will be reduced from 18 to 12.
- NPA has dropped to Rs 7.90 lakh crore.
- Vigilance to stop such matters like Nirav Modi.
- Punjab National Bank to merge with two banks, Oriental Bank of Commerce and United Bank
What will affect on costumers of bank ?
- After the merger of the banks you can get a new account number and customer ID.
- All of your accounts can be tagged with a single Customer ID.
- This requires that your email address and mobile number be updated with the bank’s branch.
- So that you can get information about changes made by banks.
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