Even as the financial system is grappling with the impact of the COVID-19 pandemic, the Reserve Bank of India (RBI) is going ahead with the public sector bank (PSB) mega merger plan.Last year, Union Finance Minister Nirmala Sitharaman had announced the merger of 10 state-run banks into four.According to this plan, Punjab National Bank (PNB) will absorb Oriental Bank of Commerce and United Bank — which will then become India’s second-largest bank after State Bank of India (SBI).Close Similarly, Syndicate Bank will merge with Canara Bank, Union Bank of India will absorb both Andhra Bank and Corporation Bank. Indian Bank and Allahabad Bank will also merge. related news Coronavirus pandemic | Hero Moto Corp assures dealers to take care of unsold BS-IV stock Coronavirus pandemic | Bank of Baroda to provide Rs 2,000 to every banking correspondents Coronavirus pandemic | Sun Pharma commits Rs 25 cr worth of drugs, sanitisers to fight COVID-19 In a press releases issued on March 28, the RBI said all these mergers will take effect from April 1. Branches of Allahabad Bank will operate as branches of Indian Bank from April 1, branches of Andhra Bank and Corporation Bank will operate as branches of Union… Read full this story
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