Finance Minster Nirmala Sitharaman conducted a press conference on Friday and made a big announcement of merging 10 public sector banks to 4. She said that it is important to govern the strong banks by merging them with the weaker ones.
As per the announcement, these banks will be merged together:
- Punjab National Bank + Oriental Bank of India + United Bank of India
- Indian Bank + Allahabad Bank
- Union Bank + Andhra Bank + Corporation Bank
- Canara Bank + Syndicate Bank
The government of India had earlier announced to invest ₹70,000 crores in public banks.
After the merging is done the number of public sector banks will come down from 27 to 12.
The banks that will finally be on the list are Which are:
State Bank of India, Punjab National Bank, Canara Bank, Indian Overseas Bank, UCO Bank, Union Bank of India, Bank of India, Central Bank of India, Indian Bank, Bank of Baroda, Bank of Maharashtra, and Punjab and Sind Bank.
What do you think about this big news!