Money & Banking

Public sector banks merger to come into effect from April 1: RBI

Our Bureau Mumbai | Updated on March 28, 2020 Published on March 28, 2020

The Reserve Bank of India (RBI) on Saturday said the branches of six public sector banks (PSBs) will function as branches of the four larger PSBs they are getting merged into, with effect from April 1, 2020.

The RBI said customers, including depositors of Syndicate Bank, will be treated as customers of Canara Bank with effect from April 1, 2020.

Customers, including depositors of Oriental Bank of Commerce and United Bank of India, will be treated as customers of Punjab National Bank with effect from April 1, 2020.

Customers, including depositors of Andhra Bank and Corporation Bank, will be treated as customers of Union Bank of India with effect from April 1, 2020.

Customers, including depositors of Allahabad Bank, will be treated as customers of Indian Bank with effect from April 1, 2020.

With the mega consolidation of 10 PSBs into four, the number of PSBs will come down from 18 to 12 -- Bank of Baroda (BoB), Bank of India (BoI), Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab National Bank (PNB), Punjab & Sind Bank, State Bank of India (SBI), Union Bank of India and UCO Bank.

Following the consolidation, there would seven large PSBs -- SBI, PNB, BoB, Canara Bank, Union Bank of India, BoI and Indian Bank -- with scale and national reach with each amalgamated entity having a business of over Rs 8 lakh crore.

Published on March 28, 2020

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