Merger of Banks from April 2020: On August 30, 2019, Finance Minister announced the amalgamation of ten public sector banks into four big banks in which the six PSBs are merged with four better performing anchor banks to streamline their operation and size.
Merger of Banks from April 2020 | Important Information
The Central Government on March 4 notified to amalgamate the merger of ten state-run banks into four lenders to make stronger PSBs. As per the notification, the merger of megabanks will be effective from April 1, 2020. Due to COVID-19 Bank officers union wrote a letter to Prime Minister Modi to defer the merger of banks but Finance Nirmala Sitharaman has clarified clearly that this mega consolidation would take effect from April 1.
The merger of Banks as per the following order from April 1:
| Anchor Bank | Merged Banks | PSB Rank |
| Punjab National Bank | United Bank of India | 2ndlargest |
| Oriental Bank of Commerce | ||
| Canara Bank | Syndicate Bank | 4thlargest |
| Union Bank of India | Andhra Bank | 5thLargest |
| Corporation Bank | ||
| Indian Bank | Allahabad Bank | 7thlargest |
Along with these four lenders, there would be totally of 12 banks under operation. They are as below:
The merger of bank will be effective from April 1, 2020. After the merger, there are 12 public Sector banks in India.
List of Public sector banks are :
| Bank Name | Headquarters | Taglines |
| State Bank of India | Mumbai, Maharashtra | With You all the way, Pure Banking Nothing Else, The Nation Bank on Us, The Banker to Every Indian, A Bank of the Common Man |
| Punjab National Bank ( Anchor Bank) + Oriental Bank of Commerce+ United Bank of India | New Delhi | The Name You Can Bank upon
|
| Canara Bank ( Anchor Bank) + Syndicate Bank | Bengaluru, Karnataka | Together we can
|
| Indian Bank ( Anchor Bank) + Allahabad Bank | Chennai, Tamilnadu | Your Own Bank |
| Union Bank of India ( Anchor Bank) + Andhra Bank+ Corporation Bank | Mumbai | Good People to Bank with
|
| Bank of Baroda( Anchor Bank)+ Dena Bank+ Vijaya Bank | Vadodara, Gujarat | India’s International Bank
|
| UCO Bank | Kolkatta, West Bengal | Honours your Trust |
| Indian Overseas Bank | Chennai, Tamilnadu | Good People to Grow with |
| Bank of India | Mumbai | Relationship Beyond Banking |
| Bank of Maharashtra | Pune | One Family One Bank |
| Punjab & Sind Bank | New Delhi | Where Service is a way of Life |
| Central Bank of India | Mumbai | Central to you since 1911 |
After this Amalgamation, Customers from the merging banks will be treated as the customers of the banks with which these banks have been merged which will be effective from April 1st 2020.
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