PUBLIC SECTOR BANK MERGING

 10 Public Sector Bank To Be Merged into Four Bank


  Finance minister Nirmla Sitharaman has announced to merge ten top public sector bank into Four bank.

Defence minister Nirmla Sitharaman unveiling to PSB reforms at a press conference in New Delhi. She said - 
 1. Canara bank and Syndicate bank to be merged,
2. Punjab National bank(PNB), Oriental bank of commerce(OBC) and United bank of India(UBI) to be merged.
3. Indian bank and Allahabad Bank to be merged.

4. Union Bank, Andhra bank and Corporation bank to be merged.

 Finance minister Nirmla Sitharaman announced a big news on Friday ten public sector bank to be merged into four. Under this amalgamation canara bank and Syndicate bank to be merged ( anchor bank - Canara bank ).
Punjab National bank, Oriental bank of commerce and United bank of India to be merged ( anchor bank - Punjab National bank ). Indian Bank to be merged with Allahabad bank. ( Anchor bank - Indian Bank ). In place of 27 public sector bank in 2017, now there will be 12 public sector bank after the latest consolidation of PSU bank.
The consolidation of PSU bank will gave them scale says Finance Minister.


The government also announced capital infusion of total around RS 55000 crore in public sector bank :-
Punjab National Bank ( PNB ) - 16,000 Cr
United Bank of India - 11,700 Crore
Bank of Baroda - 7000 Crore
Indian Bank - 2500 Crore
Indian Overseas bank - 3800 cr
Central Bank - 3300 cr
UCO Bank - 2100 cr
United Bank - 1600 Cr
Punjab and Sind ban - 750 Cr

Last year the government has approved the merger of Vijaya bank and Dena bank with Bank of Baroda that become effective from 1april, 2019.
In 2017 State bank of India is merged with five of its associate bank and Bhartiya mahila bank.

See other post - https://studysmartway007.blogspot.com/2019/01/daily-vocab-dose-22-january-2019.html?m=1


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