Mergers of banks in process: Nirmala Sitharaman

New Delhi, Feb 27, 2020 Thursday

Finance Minister Nirmala Sitharaman said the merger of government banks was in progress. The work will be completed on time.

Last year, the government decided to merge ten government banks. United Bank of India and Oriental Bank of Commerce will be part of Punjab National Bank. This will make Punjab National Bank the second largest bank in the country.

Syndicate Bank will be merged into Canara Bank and Andhra Bank and Corporation Bank will be merged with Union Bank of India.

As a result, customers will get a new account number and new customer ID as well as the bank's new IFSC code. There will also be a new checkbook and a new passbook.

Nirmala Sitharaman said there was no uncertainty about the merger of banks. This work is ongoing and we are ready to finish it on time.