After amalgamation of three Public Sector Banks – Bank of Baroda, Vijaya Bank and Dena Bank today 30.08.2019 Finance Minister Nirmala Sitharaman has announced the amalgamation of following Public Sector Banks:
Punjab National Bank, Oriental Bank of Commerce and United Bank to be merged to form the second largest public sector bank with a business of Rs 17.5 lakh crore.
Canara Bank will merge with Syndicate Bank to become the 4th largest PSB with business of Rs 15.20 lakh crore.
Union Bank of India to be merged with Andhra Bank and Corporation Bank shall become the fifth largest public sector bank now.
Indian Bank will be merged with Allahabad Bank. They will be the seventh largest public sector bank with business of Rs 8.08 lakh crore.
After today’s announcement on Bank Consolidation there will be only 12 Public Sector Banks will act in India:
1. State Bank of India and it’s Associates
2. Bank of Baroda, Dena Bank and Vijaya Bank
3. Canara Bank and Syndicate Bank
4. Union Bank, Andhra Bank and Corporation Bank
5. Punjab National Bank, Oriental Bank of Converse and United Bank of India
6. Indian Bank and Allahabad Bank
7. Bank of India
8. Central Bank of India
9. UCO Bank
10. Indian Overseas Bank
11. Bank of Maharashtra
12. Punjab & Sindh Bank
Finance Minister has also announced the capitalisation of Rs 55250 crore to the Public Sector Banks. The breakup of capitalisation to the 10 PSBs will be as follows:
Punjab National Bank Rs 16,000 crore
Union Bank of India Rs 11,700 crore
Bank of Baroda Rs 7,000 crore
Canara Bank Rs 6,500 crore
Indian Bank Rs 2,500 crore
Indian Overseas Bank Rs 3,800 crore
Central Bank of India 3,300 crore
UCO Bank Rs 2,100 crore
United Bank of India Rs 1,600 crore
Punjab & Sind Bank Rs 750 crore