New Delhi: Union Finance Minister Nirmala Sitharaman will meet the heads of public sector banks in Delhi on Thursday.
The government last month announced the merger of 10 public sector banks (PSBs) into four strong lenders with countrywide networks and global reach to boost credit and revive economic growth in the nation's bid to become a five trillion dollar economy in the next five years.
After this, the total number of PSBs will come down to 12 from 24 banks, Finance Minister Nirmala Sitharaman had said at a press conference on August 30.
Under the merger, Punjab National Bank, Oriental Bank of Commerce and United Bank will be merged into one entity to make the second-largest PSB with a business of Rs 17.95 lakh crore and 11,437 branches.
Further, Canara Bank and Syndicate Bank will be merged to become fourth-largest PSB with a business of Rs 15.2 lakh crore. Union Bank of India, Andhra Bank and Corporation Bank will become fifth largest PSB while Indian Bank will merge with Allahabad Bank to become seventh-largest PSB with the business of Rs 8.08 lakh crore.
Bank of India and Central Bank of India will continue as individual entities. Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab and Sindh Bank will also continue to operate on their own