New Delhi: The government on Friday announced a series of mergers involving 10 state-run banks. The mergers, announced by Finance Minister Nirmala Sitharaman, mean that now only 12 state-run banks exist in India, down from 27 in 2017.
The biggest merger is of Punjab National Bank (PNB), Oriental Bank of Commerce (OBC) and United Bank of India. The three of them will now form India’s second-largest bank after the State Bank of India (SBI), with Rs 17.95 lakh crore business and 11,437 branches across the country.
Besides this, the following mergers were also announced-Canara Bank and Syndicate Bank; Union Bank of India, Andhra Bank and Corporation Bank; and Indian Bank and Allahabad Bank. The Union, Andhra and Corporation Bank merger will form India’s seventh-largest public sector bank with a business of Rs 8.08 lakh crore while the Indian and Allahabad Bank merger will form the fifth-largest public sector bank with Rs 14.59 lakh crore business and 9,609 branches.
The Canara and Syndicate Bank merger, meanwhile, will form the fourth-largest public sector bank with a business of Rs 15.20 lakh and 10,324 branches across India.
The 12 state-run banks will also include the SBI and Bank of Baroda (BoB).
Here’s the complete list of the 12 remaining public sector banks in India:
- State Bank of India
- PNB+OBC+United Bank of India
- Bank of Baroda
- Canara Bank+Syndicate Bank
- Union Bank of India+Andhra Bank+Corporation Bank
- Bank of India
- Indian Bank+Allahabad Bank
- Central Bank of India
- Indian Overseas Bank
- UCO Bank
- Bank of Maharashtra
- Punjab & Sindh Bank
The announcement comes as the country faces one of its worst economic crisis. On Friday, the Central Statistics Office (CSO) also released figures for GDP figures for the April-June quarter, which, at 5%, was down from 5.8% in the January-March quarter.