10 PSBs to merge, form four banks on April 1, notifies RBI

MUMBAI: Ten public sector banks will merge into four from April 1, 2020, in one of the biggest consolidation exercises in the financial sector in India. The RBI on Saturday notified the merger which was brought into effect through a government notification earlier this month.
Branches of Delhi-based Oriental Bank of Commerce and Kolkata-based United Bank of India will operate as branches of Punjab National Bank headquartered in the Capital.Those of Manipal headquartered Syndicate Bank will be a part of Bengaluru-based Canara Bank. Andhra Bank and Mangalore-headquartered Corporation Bank branches will turn into Mumbai-based Union Bank of India and the Chennai-based Indian Bank will absorb all units of Kolkata’s Allahabad Bank.
Bank employee unions and associations had strongly lobbied for a delayed merger as it happens amid a lockdown. They said that an additional challenge is the distribution of government benefits to Jan Dhan Yojana account-holders.