Government Announces Mega Merger: 10 PSBs amalgamated into 4 entities

10 Public Sector Banks Mega Merger

10 Public Sector Banks Mega Merger: Finance minister Nirmala Sitharaman on 30th August 2019 announced the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank with business of 7.95 trillion to make India’s second-largest bank, a week after announcing a slew of measures to boost consumer and investment confidence. The other merger will be between Canara Bank and Syndicate Bank, which will make the fourth-largest bank, with 15.2 trillion business.

Also, Union Bank will be merged with Andhra Bank and Corporation Bank to build India’s fifth-largest public sector bank with 14.59 trillion in business.

Indian Bank will be merged with Allahabad Bank to make India’s seventh-largest PSB with a business of 8.08 trillion. After the amalgamation, only 12 PSBs will be left in India from the 27 earlier. 10 Public Sector Banks Mega Merger

Here are the key points regarding these mergers:
Consolidated PNB+OBC+United Bank to be 2nd largest PSB with Rs 18 lakh crore business and 2nd largest branch network in India. Scale, nationwide & global presence, and high CASA to drive growth.

Consolidated Indian & Allahabad Banks to be 7th largest PSB with Rs 8.08 lakh crore business. Strong scale benefits to both with business doubling. High CASA & lending capacity combined in consolidated bank.

Consolidated Union+Andhra+Corporation Banks to be 5th largest PSB with Rs 14.6L Cr. business & 4th largest branch network in India. Strong scale benefits to all 3 with biz becoming 2 to 4½ times that of individual bank.

Who got what: 10 PSBs will get a total of Rs 55,250 crore. 
Punjab National Bank — Rs 16,000 crore
Union Bank of India — Rs 11,700 crore
Bank of Baroda — Rs 7,000 crore
Canara Bank — Rs 6,500 crore
Indian Bank — Rs 2,500 crore
Indian Overseas Bank — Rs 3,800 crore
Central Bank of India — 3,300 crore
UCO Bank — Rs 2,100 crore
United Bank of India — Rs 1,600 crore
Punjab & Sind Bank — Rs 750 crore

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Prashant Chaturvedi

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