Mega merger of PSBs: Here is how it will impact bank account holders
Here’s a look at what the merger of PSBs means for the account holders:
Finance Minister Nirmala Sitharaman on Friday announced mega merger of 10 state-run banks to form four larger public sector banks (PSBs).
Sitharaman said Punjab National Bank (PNB), Oriental Bank of Commerce (OBC) and United Bank of India (UBI) will be merged to form the second-largest public sector bank with the business of Rs 17.95 lakh crore.
Also Read: Here is everything you need to know about new PSBs
Also, Canara Bank will be merged with Syndicate Bank to form the fourth largest Public Sector Bank with a business of Rs 15.20 lakh crore.
Union Bank of India will be merged with Andhra Bank and Corporation Bank to become the fifth-largest public sector bank now, she said at a press conference in New Delhi.
On the other hand, Indian Bank will merge with Allahabad Bank to form the seventh-largest Public Sector Bank with a business of Rs 8.08 lakh crore.
While the move will consolidate businesses of these banks, the move will also impact customers in some ways.
Here’s a look at what the merger of PSBs means for the account holders: