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MERGER OF BANKS 2019

  Jun 11, 2020

MERGER OF BANKS 2019

Government announced consolidation of state­ owned banks that will see 10 banks being merged to form four bigger lenders to strengthen a sector struggling with a bad­ loans and aimed at creating lenders of global scale that can support the economy’s surge to $5 trillion by 2024. After the mergers, the country will have 12 public sector banks.

Which banks do the mergers include?

  1. Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the nation’s second-largest lender.
  2. Canara Bank and Syndicate Bank will merge.
  3. Union Bank of India will amalgamate with Andhra Bank and Corporation Bank.
  4. Indian Bank will merge with Allahabad Bank.

Who does it benefit and how?

For banks-

For economy

For government:

Downside of mergers -