Big reforms for Public Sector Banks – UPSC Civil Services

Union Finance Minister Nirmala Sitharaman announced a series of mergers invloving public sector banks on Firday. The move cut down thenumber of such banks from 27 in 2017. A look at the banks that will be merged.
Anchor Bank Banks to be merged Size of merged entity Total Busines
Punjab National Bank Punjab National Bank, Oriental Bank of Commerce and United Bank 2nd Largest PSB Rs 18 Lakh Cr.
Canara Bank Canara Bank and Syndicate Bank 4th Largest PSB Rs 15.2 Lakh Cr.
Union Bank of India Union Bank, Andhra Bank and Corporation Bank. 5th Largest PSB Rs 14.6 Lakh Cr.
Indian Bank Indian Bank and Allahabad Bank. 7th Largest PSB Rs 8.08 Lakh CR.
Big reforms for Public Sector Banks - UPSC Civil Services

Union Finance Minister Nirmala Sitharaman announced a series of mergers invloving public sector banks on Firday. The move cut down thenumber of such banks from 27 in 2017. A look at the banks that will be merged. Anchor Bank Banks to be merged Size of merged entity Total Busines Punjab National Bank Punjab National Bank, Oriental Bank of Commerce and United Bank 2nd Largest PSB Rs 18 Lakh Cr. Canara Bank Canara Bank and Syndicate Bank 4th Largest PSB Rs 15.2 Lakh Cr. Union Bank of India Union Bank, Andhra Bank and Corporation Bank. 5th Largest PSB Rs 14.6 Lakh Cr. Indian Bank Indian Bank and Allahabad Bank. 7th Largest PSB Rs 8.08 Lakh CR.

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