Punjab National Bank’s board, on Thursday, gave its ‘in-principle’ approval for the amalgamation of Oriental Bank of Commerce (OBC) and United Bank with PNB.
The PNB board also approved the capital infusion of ₹18,000 crore by the Central government. The capital infusion will take place through preferential allotment of equity shares in favour of the Central government.
An EGM of shareholders will be held on October 22 for this purpose, said PNB.
Read also: Govt banks on big bank mergers as GDP tanks
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.