'We've gone from an emerging economy to a merging economy': Twitter reacts to news of public sector banks merging

The government on Friday announced the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank of India to create the second-largest banking network in the country with 11,431 branches.

"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 the business of Rs 17.95 Lakh crore," Finance Minister Nirmala Sitharaman said at a press conference here.

She also announced that Canara Bank would be merged with Syndicate Bank, which would be the fourth largest PSB. Union Bank of India, Andhra Bank and Corporation Bank would merge to become the fifth largest.

She added that Indian Bank would merge with Allahabad Bank.

She went on to say: “Finance Minister Nirmala Sitharaman: We shall continue with 2 banks which will have national presence - Bank of India with Rs 9.3 Lakh Crores of business size and Central Bank with Rs 4.68 Lakh Crores of business size.

She said there’d be a total of 12 Public Sector Banks instead of 27 after today’s announcements.

She said the creation of next-generation banks was imperative for India to become a US dollar 5 trillion economy in the next five years.

She said that the NPAs of banks have come down due to the measures taken by the government to strengthen the financial sector.

"The NPAs have come down from Rs 8.65 lakh crore in December 2018 to Rs 7.90 lakh crore now," she said.

Finance Minister Nirmala Sitharaman merges 10 Public Sector banks into 4.
We have moved from being an emerging economy to a merging economy.

— Ramesh Srivats (@rameshsrivats) August 30, 2019

Over and above this, there will be multiple people with the same skill at the corporate level. Will this duplicity of roles end, with people being fired? The answer is highly unlikely.

— शिक्षित बेरोज़गार (@kaul_vivek) August 30, 2019

Oriental Bank of United Punjab?

That would just piss the hairstyle right off Imran Khan. https://t.co/45KakEPJ7n

— Yes my G (@sidin) August 30, 2019

Mega merger of banks announced by GOI:

1. PNB + Oriental Bank of Commerce + United

2. Canara Bank + Syndicate Bank

3. Union Bank of India + Andhra Bank + Corporation Bank

4. Indian Bank + Allahabad Bank#BigBankTheory

— Shiv Aroor (@ShivAroor) August 30, 2019

FM Announces merger of
1. PNB, OBC & United Bank
2. Canara Bank and Syndicate Bank
3. Union Bank, Andhra Bank and Corporation Bank
4. Indian Bank and Allahabad Bank#Reforms @nsitharaman @FinMinIndia

— Mahesh  (@invest_mutual) August 30, 2019

N Sitharaman merging the banks.#Banking #BankMerger pic.twitter.com/fi0YUq1p0d

— TheBadGuy (@trick_sterrr) August 30, 2019

So much of systems integration work coming up. TCS, start hiring please. https://t.co/F1Q7LKdTCf

— Andy Mukherjee (@andymukherjee70) August 30, 2019

Indian business news channels this is a golden opportunity to adapt the hit Sushmita Sen song from Sirf Tum:

Merger merger, Haan merger merger Merger merger, Haan merger merger
Cash Na Khabar Hai, Balance Sheet Asar Hai
Chalo try karte hain bank merger...

— Yes my G (@sidin) August 30, 2019

Over and above this, there will be multiple people with the same skill at the corporate level. Will this duplicity of roles end, with people being fired? The answer is highly unlikely.

— शिक्षित बेरोज़गार (@kaul_vivek) August 30, 2019