Nirmala Sitharaman announces merger of public sector banks

Aug 30, 2019

New Delhi, Aug 30 (ANI): Finance Minister Nirmala Sitharaman announced merger of public sector banks on August 30.While addressing a press conference in New Delhi, Finance Minister Nirmala Sitharaman has said, “Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with business of Rs 17.95 Lakh Crores.” Down South, the Canara Bank and Syndicate Bank will be merged into one single entity. The other merger will be of Union Bank of India, Andhra Bank and the Corporation Bank.