Finance Minister Nirmala Sitharaman announced that the government has decided to merge ten public sector banks into four large lenders.
She said that Punjab National Bank will merge with Oriental Bank of Commerce and United Bank of India while Canara Bank will be merged with Syndicate Bank. Further, Union Bank of India will be merged with Andhra Bank and Corporation Bank. She also announced that Indian Bank will be merged with Allahabad Bank.
List of Banks that are merged Punjab National Bank + Oriental Bank of India + United Bank of India Canara Bank + Syndicate Bank Union Bank + Andhra Bank + Corporation Bank Indian Bank + Allahabad Bank
From now on, India will have 12 public sector banks—Punjab National Bank, Canara Bank, Union Bank of India, Indian Bank, State Bank of India, Bank of Baroda, Bank of India, Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra, and Punjab and Sind Bank.
Meanwhile, India’s GDP growth fell to a six-year low of 5 per cent.