New Delhi:A week after the government announced a slew of measures to increase the economy, Finance Minister Nirmala Sitharaman made another set of announcements on Friday to reinforce the country's banking system.
Sitharaman said Punjab National Bank, Oriental Bank of Commerce and United Bank will be merged to form the second-largest public sector bank with the business of Rs 17.95 lakh crore. Canara Bank will also be merged with Syndicate Bank to create the fourth biggest bank in the public sector with a Rs 15.20 lakh crore business. Union Bank of India will be merged with Andhra Bank and Corporation Bank to become the fifth-largest public sector bank now, she said at a press conference in New Delhi. Indian Bank will merge with Allahabad Bank to form the seventh-largest Public Sector Bank with a business of Rs 8.08 lakh crore. The Finance Minister said that there will be two national presence banks-Bank of India with business size Rs 9.3 lakh crore and Central Bank with business size Rs 4.68 lakh crore. India will now have 12 public sector banks from 27 public sector banks following the restructuring of these banks, she said.
