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| Cabinet approves merger of 10 Public Sector Banks PSBs with effect from 1st April 2020 |
Cabinet approves merger of 10 Public Sector Banks PSBs with effect from 1st April 2020
Cabinet approves Mega Consolidation in Public Sector Banks (PSBs) with effect from 1.4.2020: The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the mega consolidation of ten Public Sector Banks (PSBs) into four which include the –
Cabinet approves merger of 10 Public Sector Banks PSBs in 4:
- Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank
- Amalgamation of Syndicate Bank into Canara Bank
- Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India
- Amalgamation of Allahabad Bank into Indian Bank
The amalgamation would be effective from 1.4.2020 and would result in creation of seven large PSBs with scale and national reach with each amalgamated entity having a business of over Rupees Eight lakh crore.
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The Mega consolidation would help create banks with scale comparable to global banks and capable of competing effectively in India and globally. Greater scale and synergy through consolidation would lead to cost benefits which should enable the PSBs enhance their competitiveness and positively impact the Indian banking system.
In addition, consolidation would also provide impetus to amalgamated entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity.
The adoption of best practices across amalgamating entities would enable the banks improve their cost efficiency and risk management, and also boost the goal of financial inclusion through wider reach.
प्रधान मंत्री श्री नरेंद्र मोदी की अध्यक्षता में केंद्रीय मंत्रिमंडल ने सार्वजनिक क्षेत्र के दस बैंकों (पीएसबी) के मेगा समेकन को चार में मंजूरी दे दी है, जिनमें शामिल हैं
मंत्रिमंडल ने 10 सार्वजनिक क्षेत्र के बैंकों {PSBs} को विलय की मंजूरी दी
- पंजाब नेशनल बैंक में ओरिएंटल बैंक ऑफ कॉमर्स और यूनाइटेड बैंक ऑफ इंडिया का विलय
- सिंडिकेट बैंक का केनरा बैंक में विलय
- आंध्र बैंक और कॉर्पोरेशन बैंक का यूनियन बैंक ऑफ इंडिया में विलय
- इंडियन बैंक में इलाहाबाद बैंक का विलय
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